Stocks PT GoTo Gojek Tokopedia Tbk is listed on the Indonesia Stock Exchange (AT) because it moves out of the ordinary alias unusual market activity (UMA) in the last few days.
What is UMA?
Stock and derivatives investment coach and CEO of Akela Trading System Hary Suwanda explains unusual market activity is a trading activity and/or price movement of an unusual security at a certain time.
This movement made IDX assess that these activities could potentially disrupt the regular, fair and efficient implementation of securities trading.
He gave an example such as GoTo shares which were opened at a price of Rp. 400 per share. However, in just 1 month trading the stock has fallen more than 50 percent.
“Since the IPO on April 11, this stock opened at a price of Rp. 400 per share. In just 1 month, I call it 1 month because don’t forget we have Eid holiday, today it closed at the lowest point at 181. In 18 days trading fell by more than 50 percent,” he explained to CNNIndonesia.comTuesday (17/5).
According to him, this drastic decline in GoTo’s stock price is in an unusual category because it occurs over a certain period of time.
Furthermore, Hary said that the UMA regulation was made by the IDX to protect investors or market players, including retail investors.
“Nowadays, with a decline like this, the stock market ‘guesses’ that there are ‘certain people who dumping share. Then retail investors who don’t know anything become victims, IDX needs to prevent unwanted things like that. The goal is that the UMA rules are like that,” he added.
Director of PT Arah Investasi Mandiri (ARA Hunter) Hendra Martono said the stock could be called UMA if three times in a row experienced auto reject above (ARA) or experienced many times auto reject down (ARB) like GoTo.
“The ARA is usually 3 times, the ARB usually (occurs) more than 7 times. Like GoTo, because 7 x 7 percent is the same as 49 percent, meaning that it has fallen by more than 49 percent, right,” said Hendra.
In fact, he continued, if calculated until last Friday (13/5) GoTo’s shares had experienced 8 ARBs.
Previously, IDX was monitoring the movement of shares of PT GoTo Gojek Tokopedia Tbk due to unusual activities in the last few days.
“In connection with the Unusual Market Activity for the GOTO shares, we need to convey that the Exchange is currently monitoring the development of this share transaction pattern,” said IDX Transaction Supervision Division Head Lidia M Panjaitan in the stock exchange announcement.
IDX asks investors to pay attention to the answers of listed companies to exchange confirmation requests and to pay close attention to the performance of listed companies and their disclosure of information.
In addition, investors are also expected to review the listed company’s corporate action plan if the plan has not been approved by the GMS. Not to forget, investors are also expected to consider various possibilities that may arise in the future before making investment decisions.
(dzu / agt)
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