JAKARTA (Yosefardi) – Property stocks are facing further pressure of selling this morning, along with overall market sentiment.
Pakuwon Jati fell 3.08%, Bumi Serpong Damai declined 0.69%, Ciputra Development dropped 3.7%, Ciputra Property shed 2%, Intiland Development lost 2.25%, and Modernd Realty down 1.18%. Alam Sutera and Lippo Karawaci were flat.
There are concerns on short-term term pressure from higher interest rate and weakening of rupiah, especially on companies aggressively raising offshore loans (revenues in rupiah).