Lippo, Agung Podomoro, and Alam Sutera All in the Red

By KOMPAS.com - Property sector stocks broadly weakened in trading today, as domestic market pressures linger. Amid decreasing tensions in the Middle East and improving global investor sentiment, the Jakarta Composite Index (IHSG) ironically fell again. IHSG closed down 52.18 points or 0.82% to 6,318.5. Similarly, the LQ45 index declined 0.65% to 630.677. This condition makes IHSG one of the worst performing indices in Asia today. Meanwhile, most regional exchanges were relatively stable and some even posted gains. Ironically, losses occurred while European stock markets opened in the green, most Asia-Pacific indices moved steady, and global bond yields began to fall. Shares of PT Lippo Karawaci Tbk (LPKR), for example, fell 3.9% to Rp 74 per share. PT Agung Podomoro Land Tbk (APLN) slipped 1.79% to Rp 162 per share. Deeper declines were also seen in PT Alam Sutera Realty Tbk (ASRI), down 3.39% to Rp 114 per share. PT Sentul City Tbk (BKSL) fell 4.6% to Rp 83 per share. Other large property issuers such as PT Bumi Serpong Damai Tbk (BSDE) also fell 0.7% to Rp 710. Then PT Summarecon Agung Tbk (SMRA) weakened 0.65% to Rp 304 and PT Jaya Real Property Tbk (JRPT) declined 0.46% to Rp 1,075. Not only the big issuers, mid- to small-cap developers were also dragged by the market weakness. PT Bumi Citra Permai Tbk (BCIP) dropped 2.90% to Rp 68, PT Bhuwanatala Indah Permai Tbk (BIPP) weakened 2.90% to Rp 67, and PT Bakrieland Development Tbk (ELTY) fell 2.7% to Rp 36 per share. Additionally, PT Duta Anggada Realty Tbk (DART) was one of the property stocks with the deepest corrections, after plunging 7.25% to Rp 128 per share. The weakness in property stocks reflects investors’ continued high caution about the domestic market prospects, even as global sentiment begins to improve.