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Lippo Group shares weaken as KPK questions James Riady
Shares of PT Lippo Karawaci weakened 2.78 percent or 8 points to Rp 280 per share at 11:20 a.m. on Tuesday.
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An aerial photo taken on Tuesday shows the construction of apartments at Meikarta in Cikarang, Bekasi regency, West Java. (Antara/Hafidz Mubarak A. )
W
hile the Corruption Eradication Commission (KPK) questioned Lippo Group CEO James Riyadi, shares of PT Lippo Karawaci further weakened 2.78 percent or 8 points to Rp 280 per share at 11:20 a.m. on Tuesday.
Since Tuesday morning trade opened, Lippo Karawaci shares have hovered at Rp 278 to Rp 292.
According to RTI Infocom, Lippo Karawaci’s shares had weakened 6.04 percent within a week, or 19.55 percent or 64 points since early October.
Shares of another Lippo Group, Lippo Cikarang, were recorded at Rp 1,455 per share. Its shares hovered at Rp 1,430 to Rp 1,490 when evening trade opened on Tuesday.
Within a week, according to RTI, Lippo Cikarang’s shares strengthened 9.40 percent, but had weakened 18.65 percent since early October.
CSA Research stock market analyst Reza Priyambada said the current weakening was a continuation of previous weakening after a Lippo executive and other employees were named suspects by the KPK in a bribery case related to the group’s Meikarta township project in Bekasi, West Java.
“Since it was affected in a red-handed operation, Lippo’s shares started to weaken because any alleged involvement in a legal case will be responded to negatively,” Reza said as quoted by tempo.co.id.
On Tuesday, James Riady was questioned as a witness in relation to the Meikarta bribery case. The KPK has so far named nine suspects in the case, including Bekasi Regent Neneng Hasanah Yasin and Lippo Group operational director Billy Sindoro. (bbn)
