UMA Doesn’t Care, GOTO Continues to Fly 24%!

Jakarta, CNBC Indonesia –The share price of PT GoTo Gojek Tokopedia Tbk (GOTO) managed to skyrocket in today’s trading after getting a stampUnusual Market Activity(UMA) from the IDX due to a sharp correction after the first floor.

GOTO successfully rose in today’s trading where this technology issuer managed to fly 24% to a price level of Rp 248/unit after being red at the beginning of trading to a level of Rp 186/unit.

The transaction value is also classified as very busy at Rp 958 billion, where foreigners made a net purchase of Rp 29 billion.

This appreciation also continued the increase on the previous day right after the UMA announcement came out where GOTO managed to rise 3.09%.

Previously, the stock exchange announced that GOTO’s shares were exposed to UMA. “We hereby inform you that there has been an unusual decline in the price of GOTO’s shares (Unusual Market Activity),” the stock exchange announced on Friday (13/5/2022).

Previously trading last week, GOTO’s stock price always closed with a correction throughout 5 trading days.

On May 13, 2022, even GOTO’s share price was thrown from the psychological level of Rp 200/unit and closed at Rp 194/unit.

Keep in mind, at the time of the IPO, GOTO’s share price was offered at Rp. 338/unit. Had strengthened on the first day of trading, in fact the stock price of GOTO tends to move downtrend.

At the time of listing, GOTO actually had a jumbo market capitalization value and became the fourth largest in the domestic exchange.

Therefore, the correction of GOTO’s stock price has reached the level ofbottom auto reject(ARB) last week also weighed on the performance of the Jakarta Composite Index (JCI).

The correction in GOTO’s stock price has continued since April 19, 2022. Massive selling pressure has even forced the use of the greenshoe option scenario.

However, until the funds from the stabilization scheme are used up, selling pressure on GOTO’s shares will continue.

CNBC INDONESIA RESEARCH TEAM

[Gambas:Video CNBC]