JAKARTA (Yosefardi) – Property stocks retreated this morning from recent gains with Lippo Karawaci and Bumi Serpong Damai leading the fall.
Lippo Karawaci dropped 4.27% on 124.62 million shares exchanged hands and Bumi Serpong lost 3.97% with trading volume of 67.88 million shares.
Other property stocks also fell such as Pakuwon Jati (-1.52%), Sentul City (-2.08%), Ciputra Development (-2.73%), and Modernland Realty (-1.18%). Only Alam Sutera gained 1.4%.
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)