Jakarta, CNBC Indonesia – Shares of PT Bukalapak.com Tbk (BUKA) closed down 6.77% or were hit by lower auto rejects (ARB) to the level of Rp 620/unit in yesterday’s trade (25/11). With this correction, OPEN’s stock is now at its lowest level of all time all time low.
BUKA’s shares were traded 34,767 times yesterday with a price range of Rp 620 – Rp 670 per unit with a transaction value of Rp 359.55 billion.
The shares of the e-commerce company, founded by Achmad Zaky and backed by the Emtek Group, are officially listed on the stock exchange on August 6, 2021. The initial offering price of BUKA shares is Rp. 850/unit. This means that since 3 months of listing, the share price of BUKA has dropped 27%.
During the initial offering, BUKA released 25% of its total paid-up and issued capital. If the number of outstanding shares reaches 103.1 billion, the market capitalization value of OPEN at the IPO will reach Rp 87.64 trillion.
As of Thursday, the market value of BUKA’s shares reached Rp 63.9 trillion. In just 3 months market cap BUKA has fallen by Rp 23.74 trillion.
The performance of BUKA shares was only impressive at the beginning of the listing period. BUKA’s stock rose twice to touch the upper auto reject (ARA) level. However, this impressive performance did not last long.
In fact, after that, the stock price of BUKA tends to have a severe downtrend for a company class with a jumbo market cap.
From 19 trading days in November, BUKA’s stock only rose 6x and stagnated 1x. The remaining 12x OPEN stock trades are always closed in the red zone.
The drop in BUKA’s share price yesterday was also accompanied by foreign selling which reached Rp 148.4 billion. The trend of foreign sales has been observed since the last one week. Foreign net sell of BUKA shares reached Rp 305.66 billion in a week.
The downward trend in BUKA’s share price was also accompanied by a decrease in investor ownership of this share. If at the end of last August the number of BUKA shareholders was 132,082, as of the end of October the number of BUKA shareholders was only 123,907 or decreased by 8,175.
The decline in the share price of BUKA by 10.8% this week helped the technology sector index to drop by almost 2.5%. This is because the weight of OPEN on the technology index is quite large.
CNBC INDONESIA RESEARCH TEAM
(RCI / RCI)
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