Jakarta, CNBC Indonesia – Issuer’s stock price e-commerce PT Bukalapak.com Tbk (BUKA) fell to touch the lower auto reject (ARB) 6.7% at the level of Rp. 830/share in trading this Wednesday (18/8/2021), from the closing position last Monday (16/8) at level of IDR 890/share.
IDX data shows that BUKA’s shares fell 6.74% at Rp 830, with a transaction value of Rp 786 billion and a trading volume of 943 million shares.
Thus, BUKA’s share price is now below the initial public offering (IPO) price of Rp 850/share, or down 2.4% since its debut on August 6.
Meanwhile, in a week, BUKA’s shares have plunged 25.33%. Practically, since the beginning of the IPO, BUKA’s shares have only turned green twice. Meanwhile, this stock has fallen to the ARB level 5 times in a row.
Foreign investors have started shopping for BUKA shares again with a net buy value of Rp 109 billion. However, since the foreign floor, it still recorded a net sell of Rp 1.22 trillion in the regular market.
Regarding the potential for BUKA shares, research analyst at PT Mirae Asset Sekuritas Indonesia, Hariyanto Wijaya, in his research as of August 9, has also included BUKA shares in Mirae Asset’s 8 top picks this August.
According to Hariyanto, from a market perspective, by starting the floor of the first technology stock in the country, namely BUKA, and then other companies will be able to follow the same path as the US stock market where technology companies now dominate the 5 largest market capitalizations.
This is also supported by Indonesia’s gross merchandise value (GMV) which is estimated by the Bain institution to grow at a compound annual growth rate (CAGR) or an annual average in the 2020-2025 period of 23%, from US$ 44 billion or equivalent to Rp. 638 trillion (exchange rate of Rp. 14,500/US$) in 2020 to US$ 124 billion or equivalent to Rp. 1,798 trillion in 2025.
According to him, two technology giants, namely BUKA and GoTo, will be able to monetize the increasing trend of Indonesia’s digital economy growth.
“We think technology giants, such as Bukalapak and GoTo, will be able to monetize the increasing trend of Indonesia’s digital economy growth,” said Hariyanto Wijaya.
CNBC INDONESIA RESEARCH TEAM
(trp/trp)
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