Jakarta, CNN Indonesia —
Share PT Bukalapak.com Tbk (BUKA) has fallen again. The stock plunged 6.81 percent from the opening level of Rp955 to Rp890 per share today, Monday (16/8).
Since the IPO last Friday (6/8), the issuer has been observed to be moving ‘wild’, it has only been trading for 6 days, it has been OPEN twice auto reject over (ARA) alias jumped by 25 percent and 3 times auto reject down (ARB) or down almost 7 percent in a day.
On the first day of the IPO, BUKA skyrocketed by almost 25 percent from the IPO level of 850. Then, on Monday (9/8), BUKA had strengthened strongly. Then, the stock consistently fell despite ending up 4.72 percent. After those first two days, OPEN plummeted.
On Tuesday (10/8), BUKA fell 6.76 percent to Rp1,035 from the peak price at Rp1,325. Stocks fell again on Thursday (12/8), with a decline of 6.76 percent and perched at Rp965.
On this day, the stock had slightly increased to the level of Rp960 in early trading. However, OPEN fell minus 6.8 percent until the close of trading.
According to Samuel Sekuritas Indonesia analyst Nashrullah Putra Sulaeman, the BUKA correction is still caused by IPO volatility. The weakening of OPEN, he continued, made the technology sector lose 5.38 percent today.
In addition, he said that there are still many investors who do not fully believe in OPEN because black and white are still losing money.
However, he projects the issuer has the potential to rebound and will not drop below its IPO price, Rp850.
“I don’t think this will go down again from the current price because BUKA’s success will determine GoTo’s IPO. If BUKA drops below the IPO price, GoTo may not want an IPO in Indonesia,” he told CNNIndonesia.com, Monday (16/7) afternoon.
Meanwhile, Director of PT Anugerah Mega Investama Hans Kwee assessed that the weakening actually started from profit taking, but when prices began to fall, investors began to be depressed and also sell shares.
Looking at the history over the past week, Hans said it was possible that OPEN would weaken below the IPO price. He predicts the maximum price will drop to the level of Rp600.
“Investors with pressure want to lose 20 percent-30 percent (of the IPO price) of Rp600,” he said.
(wel / sfr)
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