Feeling Prank, Bukalapak Stocks Never Rebound

Jakarta, CNBC Indonesia – When the Composite Stock Price Index (JCI) sank 2% and dropped to 6,561.55 last week (26/11), one of the stocks that contributed to the index’s fall was the technology issuer PT Bukalapak.com Tbk (BUKA).

BUKA shares closed again with a correction of 6.45% to the level of Rp 580/unit. With the price at the closing level, it means that for two consecutive days, the OPEN stock touched the lower auto reject limit (ARB) last week.

In fact, the share of OPEN has never experienced an increase throughout last week. In five trading days, OPEN shares continued to be in the red zone. The correction in the OPEN stock deepened towards the end of last week’s trading.

The market capitalization value of BUKA has fallen by 18.88% in the last week. Along with the decline in the price of BUKA’s shares, foreign investors were also observed releasing their ownership in the shares of the e-commerce issuer founded by Achmad Zaky a decade ago.

The foreign net sell in BUKA shares has even become one of the largest. Foreigners have released their ownership in BUKA shares amounting to Rp 315.6 billion in a week.

Now the price of BUKA’s shares is further away from the price at the beginning of its initial offering at Rp. 850/unit. This means that the market cap of BUKA has fallen by almost 32% from the initial IPO and has made it touch the latest All Time Low level.

For information, BUKA was first listed on the domestic stock exchange in early August at a price of Rp 850/unit. If the total shares of BUKA reach 103.1 billion, the market capitalization value at the beginning of the IPO will reach Rp 87.6 trillion.

At the close of Friday (11/26), BUKA’s market cap was at Rp 59.78 trillion. This means that the market value of BUKA’s stock has dropped by IDR 27.83 trillion since the initial offering.

The fall in the stock price of BUKA and other blue chip issuers that caused the JCI to sink was also followed by a correction in world stock markets. Both Wall Street’s benchmark index and the major stock indexes of the Asian Stock Exchange, the majority fell more than 2%.

All of this happened after the World Health Organization (WHO) stated that there was a new variant of Covid-19 that was more virulent than the initial virus. The variant was named the Omricon variant which later became a variant of concern.

The Omricon variant is even said to be far more contagious than the Delta variant which triggered a further wave in India and Indonesia. Variant recently had a mutation in an essential protein and was feared to be resistant to vaccination.

There is concern that the lockdown will re-emerge and economic performance will deteriorate again, making investors choose to keep their distance from risky assets such as stocks.

Returning to the BUKA case, the drop in e-commerce stock prices occurred precisely when the technology sector index posted a slight correction of 0.47% on Friday (26/11). Throughout last week the technology sector index also posted a decline of 4.27%.

CNBC INDONESIA RESEARCH TEAM

[Gambas:Video CNBC]

(trp/trp)

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