Jakarta, CNN Indonesia —
Shares of PT Bukalapak.com Tbk (BUKA) plunged to Rp705 or 17 percent lower than the initial offering price (IPO), Rp850 per share.
Noted, OPEN weakened for 5 days in a row and fell cumulatively in 8 trading days until October 13, 2021.
Today, foreign investors recorded selling IDR 7.2 billion of ownership in the domestic stock exchange, while in the last week there was still a net purchase of IDR 154.6 billion.
According to Artha Sekuritas Indonesia analyst Dennies Christopher Jordan, the weakening of BUKA is in line with the weakening of the expensive technology sector (overvalued). When the economy began to rise as it is now, he considered it natural for investors to turn to other sectors.
He said that currently investors are turning to large-cap stocks, such as the banking, construction and energy sectors, which are supported by rising commodity prices.
Dennie said the transition momentum was used by market players to take action to polish performance (window dressing).
“(Technology sector) overvalued all. The economy began to rise and normal at the end of the fourth quarter window dressing,“he told CNNIndonesia.com, Wednesday (13/10).
In addition, he considered that the weakening was reasonable because the price of the OPEN IPO was indeed expensive. “On the other hand, the company’s performance during the last three years is still at a loss, so it’s only natural if it goes down,” he explained.
This is not the first time that the fluctuation in the price of BUKA’s shares has occurred, since it was listed on the Indonesia Stock Exchange (IDX) last July, the ups and downs have become a ‘complementary spice’ for the movement of the first unicorn to be listed on the Indonesian stock exchange.
On Wednesday (18/8), BUKA also briefly dropped to a level below the IPO price of Rp. 830 per share.
(wel / sfr)
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