JAKARTA (Yosefardi) – Property stocks continue facing selling pressure this morning, on concern over expected interest rate hike.
Market observers are speculating Bank Indonesia will tommorrow have to raise interest rates again to defend the fast-falling rupiah.
Property stocks have been suffering a more than 30% drop from their peaks year to date.
At early trade this morning, Alam Sutera fell 6.06%, Sentul City dropped 6.35%, Bumi Serpong slashed 2.48%, Lippo Karawaci lost 8.08%, and Pakuwon Jati shed 5.66%.
Ciputra Development also fell 7.79%, Ciputra Property dropped 6.67%, Intiland slashed 7%, Agung Podomoro lost 1.92%, and Modernland Realty declined 1.56%.