Jakarta, CNBC Indonesia – Shares of PT GoTo Gojek Tokopedia Tbk (GOTO) ended a losing streak. After the price continued to be cut throughout last week, GOTO parked with a 3.09% increase to the level of Rp 200 per share at the close of trading yesterday, Tuesday (17/5/2022).
Just so you know, in last week’s trading, GOTO’s stock price always closed with a correction throughout 5 trading days. This move even got GOTO on the list unusual market activity (UMA) or improper price movements.
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. This means that the market capitalization value of GOTO has fallen 42.6% from the time of the public offering (IPO).
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 GOTO’s share price tends to move downtrend.
At the time of listing, GOTO actually had a jumbo market capitalization value and became the fifth largest in the domestic exchange.
Therefore, the correction in GOTO’s stock price which reached the lower auto reject level (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.
It’s just that after a full week of correction, GOTO’s stock was observed to rebound on Tuesday’s trading (17/5/2022).
At 09.45 WIB, GOTO’s share price was observed to have strengthened 11.34% at the level of Rp. 216/unit. However, GOTO’s stock was corrected and sank to the level of Rp. 181/unit at the beginning of trading. Yesterday morning, foreigners were observed to have recorded a net buy of Rp 2.17 billion in GOTO shares.
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