Many Property Companies Plummet on the Stock Exchange, Here are the Worst Performers
Property stocks fell collectively during today’s trading as pressure returned to the Indonesian capital market. This weakening occurred amidst global sentiments that had actually begun to improve. The Jakarta Composite Index (IHSG) closed down 52.18 points, or 0.82 per cent, to the level of 6,318.5. Meanwhile, the LQ45 index also corrected by 0.65 per cent to 630.677.
The IHSG was even recorded as one of the worst-performing indices in the Asian region, even though the majority of regional exchanges moved relatively stably and some managed to strengthen. This situation is considered a contrast to global and regional capital market conditions, which were mostly in the green, yet the Indonesian stock market moved in the opposite direction.
Pressure on the IHSG also dragged down the property sector. A number of shares from large national developers to mid-cap issuers were all in the red zone. PT Sentul City Tbk (BKSL) fell 4.6 per cent to Rp 83 per share. PT Jababeka Tbk (KIJA) also slumped 4.29 per cent to the level of Rp 156.
Selling pressure also hit the shares of PT Roda Vivatex Tbk (RDTX), which fell 3.95 per cent to Rp 14,000. Furthermore, PT Lippo Karawaci Tbk (LPKR) weakened by 3.9 per cent to the level of Rp 74. Meanwhile, PT Urban Jakarta Propertindo Tbk (URBN) corrected by 3.74 per cent to Rp 206, and PT Alam Sutera Realty Tbk (ASRI) dropped 3.39 per cent to Rp 114 per share.
Several other property issuers also experienced significant declines, such as PT Bumi Citra Permai Tbk (BCIP) and PT Bhuwanatala Indah Permai Tbk (BIPP), which both fell by 2.90 per cent. On the other hand, large-cap property stocks were not immune to the pressure, though their declines were not as significant. PT Summarecon Agung Tbk (SMRA) briefly fell 0.65 per cent to Rp 304, PT Bumi Serpong Damai Tbk (BSDE) weakened by 0.7 per cent to Rp 710, and PT Agung Podomoro Land Tbk (APLN) corrected by 1.79 per cent to Rp 162. PT Jaya Real Property Tbk (JRPT) recorded one of the smallest declines, falling only 0.46 per cent to the level of Rp 1,075 per share.