JAKARTA (Yosefardi) – Property stocks continue facing selling pressure this morning, suffering a more than 30% drop from their peaks year to date.
At 10.13 am Jakarta time, Alam Sutera fell 5.36%, Sentul City dropped 8.1%, Bumi Serpong slashed 6.1%, Lippo Karawaci lost 6.86%, and Pakuwon Jati shed 5.26%.
Ciputra Development also fell 7.87%, Ciputra Property dropped 5.88%, Agung Podomoro lost 5.17%, and Modernland Realty declined 1.56%.
Year to date, Alam Sutera and Ciputra Property had fallen above 50% from their peaks while Bumi Serpong, Ciputra Development, and Agung Podomoro have dropped more than 40%.
As property stocks prices are now under downturn movement, some upcoming listed property companies make such an review and revision on their IPO plan.
Sinarmas Land has postponed the initial public offering (IPO) of PT Puradelta Lestari Tbk. Lippo Karawaci revised down the IPO price of PT Siloam International Hospitals Tbk to Rp9000-9500, lower than initial range of Rp11200-14200.