JAKARTA (Yosefardi) – Shares of property giant Agung Podomoro Land (APLN) fell sharply by 9.43% to Rp240 Friday, November 2013.
The stock has collapsed from peak at Rp530 in March 2013. Today, the stock hit its new low at Rp235 before closing at Rp240.
Trading volume was heavy with over 218 million shares exchanged hands, while average trading volume in the past three months is only 25 million shares per day.
Its peers also ended substantially lower. Lippo Cikarang, for example, lost 5.61%, while Lippo Karawaci down 3.1%. Ciputra Surya, Ciputra Property, Pakuwon Jati, and Alam Sutera dropped more than 3% each.
Property stocks have been under substantial pressures from Bank Indonesia’s decision to raise its benchmark BI rate to 7.5% this week.