JAKARTA (Yosefardi) – While market regained ground this morning, after losing 6.68% on Monday (July 8), investors continued selling out property stocks.
Lippo Karawaci dropped 3.43% with 120.48 million shares exchanged hands and Sentul City fell 2.08% on 129.38 traded shares.
While Bumi Serpong Damai dropped 6%, Alam Sutera declined 1.49%, Modernland Realty shed 1.16%, and Ciputra Development down 2.9%.
Other stocks also in red; Lippo Cikarang (-6.08%), Ciputra Property (-4%), and Agung Podomoro (-2.86%).
Most property shares gained over 100% since December 2011. Some even gained more than 300% in the period. As a result, recent massive correction is still considered part of profit taking by investors.
There are concerns on short-medium term pressures from higher interest rate and weakening of rupiah, especially on companies aggressively raising offshore loans (revenues in Rupiah).