JAKARTA (Yosefardi) – Investors also sold off media stocks as the likely one-round presidential election would cut the media companies’ revenues.
Around 40% revenue of media companies are contributed by the advertisement.
At 3.27 pm Jakarta time, Media Nusantara Citra (MNC) dropped 4.55% to Rp2625 per share with over 10.78 million shares exchanged hands.
The political maneuver of MNC’s founder Harry Tanoesoedibjo also added the negative sentiments on MNC group stocks.
Surya Citra Media lost 6.87% to Rp3120 per share with over 8.5 million shares traded.
Visi Media, owned by Aburizal Bakrie, chairman of Golar Party, also declined 3.58% to Rp269 per share. Some 21.23 million shares were exchanged hands.
Investors are questioning Aburizal’s political interest at Golkar as he opted to support Prabowo, presidential hopeful of Gerindra party.