Jakarta, CNBC Indonesia – There is one issuer whose share price moves very volatile in today’s trading, Friday (3/6/22). The issuer is PT Triniti Dinamik Tbk (TRUE) which is controlled by motivator Bong Chandra as director and owner.
In trading this morning, TRUE was surprisingly successful and even until the close of the first session, TRUE managed to fly close to its highest level of increase, aka ARA, with an appreciation of 27.1% to the level of Rp. 103/unit. At the opening of the second session, TRUE shares continued to shoot up to reach the top auto reject point (ARA) with an appreciation of 34.56%.
Suddenly, the price of TRUE’s shares plunged deeply at 14:29 WIB. In just one minute, TRUE stock corrected from its ARA level to the ARB level, aka the worst daily correction where TRUE fell 6.17% at Rp 76/unit, which is also the closing level for TRUE in today’s trading and the lowest share price level. throughout the history of TRUE.
If we look further, the wild case of TRUE stock movements doesn’t just happen today. When TRUE took the floor in May 2021, its share price had penetrated the highest increase limit alias ARA up to 8 times in a row.
TRUE had time to fly up to the highest level of Rp 1,030/unit. At that time even TRUE shares were hit by status Unusual Market Activity and in bursa suspension up to 2 times where the first suspension lasted a day and the second suspension for 4 days.
For the record, at that time the shares on the stock exchange had not passed the E-IPO scheme as it is today, so the share distribution pooling allotment for retail investors only 1% of the total proceed IPO.
the size portion fixed allotment to open up opportunities for action cornering and lead stocks to fly in volumes aka stock fry action. Not infrequently, not a few retail investors are tempted to enter because they see the price is already high.
After the distribution to retail investors, which was shown by the increase in the number of shareholders increasing from 2,656 in August to 11,264 in October, was over, TRUE’s shares immediately fell by volume until they touched their lowest level of Rp. 87/unit towards the end of the year. TRUE had collapsed to the level of the worst decline limit alias ARB for 16 consecutive times at that time. From the highest point to the lowest price, the current correction has reached 91.4%.
The distribution action towards retail investors can also be seen from the list of brokers who made net purchases in TRUE shares. Since the first floor, it has been observed that the brokers who made a net purchase of TRUE shares are the brokers that are mostly used by retail investors.
In the first position, Indo Premier Sekuritas (PD) made a net buy of 678 thousand lots, while in the second position was filled by Ajaib Sekuritas (XC) with a net buy of 668 thousand lots. The third and fourth positions were also filled by retail subscription securities, namely Mandiri Sekuritas (CC) and Philip Sekuritas (KK) which bought TRUE net of 621 thousand and 401 thousand, respectively.
Retail investors who are ‘stuck’ in TRUE shares are also likely to suffer floating loss which is bad because average the purchase of these 4 securities is in the range of IDR 190/unit or a bonus of 60%.
CNBC INDONESIA RESEARCH TEAM
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