Jakarta, CNBC Indonesia – A number of technology issuers’ shares, including digital banks that are also full of technology, tend to decline ahead of the Eid holiday in a few days. The decline in these shares was partly due to investors’ profit-taking.
According to data from the Indonesia Stock Exchange (IDX), at 10.28 WIB, the technology sector index (IDXTECHNO) was also minus 1.1% this morning, as the Composite Stock Price Index (CSPI) fell 0.55% to 7192.31.
Here are some of the main technology stocks that investors sold this afternoon.
Performance of 3 Technology Shares Plus 1 Digital Bank Share
|
Code Ticker |
Price |
% Wednesday (27/4) |
% a week |
|
WIRG |
950 |
-6.44 |
-29.10 |
|
GOTO |
294 |
-5.16 |
-13.02 |
|
ART |
11925 |
-3.83 |
-3.83 |
|
OPEN |
358 |
-1.65 |
-2.72 |
Source: IDX | As of 10.33 WIB
Shares of metaverse technology issuer PT WIR Asia Tbk (WIRG) fell 6.44% to Rp 950/unit. Investors seem to continue to realize profits (profit taking) in WIRG stock.
As a result, WIRG shares have been in the red zone for 6 consecutive days, with 4 consecutive ARBs.
Within a week, this stock eroded 29.10%. However, since its debut on the stock exchange on April 4, 2022, WIRG’s shares have skyrocketed 465.48%.
Since the beginning of officially conducting an initial public offering (IPO) at a price of Rp. 168/unit, WIRG shares have indeed appeared ‘mighty’ by breaking through the upper auto rejection (ARA) limit for 7 consecutive trading days.
In fact, the IDX briefly suspended trading of WIRG shares on Monday last week (18/4) due to a significant price spike.
Just so you know, in the IPO, WIRG offered shares at a price of Rp. 168/unit and received fresh funds of Rp. 431.89 billion.
WIRG shares have been stealing attention since their debut because some of their shares are held by well-known names, from the daughter of the 4th Indonesian president Gus Dur, Yenny Wahid, entrepreneur Pieter Tanuri, to high-ranking officials in the energy company PT Indika Energy Tbk (INDY).
In addition to stock prices that skyrocketed to the moon, WIR Asia itself is noted to have collaborated a lot with a number of companies or major Indonesian issuers in developing the metaverse.
Quoted from a number of online media reports, a trio of state-owned banks, PT Bank Rakyat Indonesia Tbk (BBRI), PT Bank Negara Indonesia Tbk (BBNI), and PT Bank Mandiri Tbk (BMRI) have also collaborated with WIRG.
Apart from WIRG, the shares of the ride-hailing and e-commerce giant issuers PT GoTo Gojek Tokopedia Tbk (GOTO) also fell 5.16% to Rp 294/unit.
With this, GOTO’s share price is already below the IPO price of IDR 338/unit. GOTO itself made its debut on April 11 with an IPO proceeds of Rp 13.73 trillion.
Prior to this, GOTO’s share price had been stuck near the IPO price despite investor selling pressure because it was supported by the greenshoe stabilization scheme.
Here GOTO appoints a stabilizing agent, namely PT CGS-CIMB Sekuritas Indonesia. Through a mechanism known as the greenshoe option, GOTO has prepared a stabilization fund of Rp 2.05 trillion, equivalent to 6.09 billion shares.
In simple terms, the stabilization mechanism is carried out in the event of a massive sell-off that causes the stock price to fall near the specified level.
In the case of GOTO, CGS-CIMB Sekuritas will immediately buy up its shares when the price drops close to the IPO level.
Thanks to this stabilization action, GOTO’s share price was able to stay above its IPO price. However, the onslaught against GOTO’s stock continued until it finally weakened in the last 3 days.
It was observed that on April 26, 2022, the total purchased shares of GOTO reached 6 billion or 98.76% of the target, and the total stabilization funds used reached Rp. 2.03 trillion.
This means that there is very little available funds for price stabilization to support the decline in GOTO’s share price.
In addition, shares of digital bank PT Bank Jago Tbk (ARTO) also fell 3.83% this afternoon. In a week, this stock also fell 3.83%, like GOTO’s stock.
Just so you know, Gojek via PT Dompet Karya Anak Bangsa holds 21.40% of ARTO’s shares.
Finally, e-commerce shares of PT Bukalapak.com Tbk (BUKA) also fell 1.65%. Within a week, investors also sold this stock with a percentage of 2.72%.
CNBC INDONESIA RESEARCH TEAM
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