Jakarta, CNBC Indonesia – The domestic stock market was excited by the hectic response of retail investors to the fall in the price of PT Bukalapak.com Tbk (BUKA), in trading yesterday, Tuesday (10/8/2021). In addition, the sale of OPEN shares by foreign investors triggered the correction of the first e-commerce stocks listed on the Indonesia Stock Exchange (IDX).
OPEN’s share price sank and touched the lower auto reject (ARB) alias fell 6.76% to a price of Rp1,035/share. This decline occurred on the third day these shares were traded on the Indonesia Stock Exchange (IDX).
Even more surprising, this ARB occurred shortly after trading session I opened yesterday morning or at 09.30. This is also the last position this stock was traded throughout yesterday’s trading.
In fact, on the first day of trading, on Friday (6/8/2021) BUKA shares reached the top auto reject price (ARA) with a 24.71% increase to Rp 1,060 from its opening price at Rp 850/share.
Then, on the second trading day, there was also an ARA but a fairly large sell-off occurred throughout the trade. So this stock must be content to finish at a position of 4.72% appreciation at Rp 1,110/share.
This falling stock price makes retail investors dissatisfied, even rages because they feel they have lost buying their shares.
This disappointment was expressed by investors through rating and commenting on the Bukalapak application on the Playstore.
Burhani Sulthon’s Android account gave a 1 star rating and commented, “Greetings regarding ARB, if it’s ARA I’ll give you 5, Bro… Thanks.”
Another comment from Indra’s account, “ARB, buy auto at a loss.”
Another one-star rating was also given by the Naufal Dwinanda account who also commented, “This used to be directly proportional to the OPEN price.”
Then someone made a long comment saying that it was difficult for him to get an allotment of shares, this is the underwriter, said Richard Sanjaya’s account.
“I’m sorry for the retailers who are stuck in the ARA price (because on the first day most retailers won’t get any purchases, especially YP PD CC). I myself have released this stock on the first day (I was afraid to hold it because I saw the pre-IPO behavior!! But I’m honestly surprised, on the first day since the IPO, $BUKA has been washed out by FOREIGNERS (and the impact on day 2 eats up retail VICTIMS lining up at ARA prices). My prediction is that this is an ‘EXIT PLAN’ from ‘Old’ investors. ‘ Forgot, Mr. #UNINSTALL,” he said.
This comment was responded to by the Bukalapak account, “Hi Sis, thank you for your attention to Bukalapak. For your information, the transaction of Bukalapal shares on the stock exchange, after listing, is purely a market mechanism, yes. Thank you :).”
However, this comment is not entirely negative. One of Julianto Salim’s accounts said that the rating and share price are completely unrelated so these comments are not relevant to the application’s performance.
“When it comes to small money, you just started investing in stocks. Loss is a matter of market mechanism. Why is the rating on the Playstore? Playstore is for rating apps, is it good or not, there are problems when it’s not used. You press the button to buy at Haka [hajar kanan] even you rating here. Logically, please use at least 1% instead of 0%. It’s stupid,” he said.
Another similar comment was delivered by Nur Akhlish’s account. “Stuck in stocks and shouting here. Did Bukalapak tell you to buy the shares? You’re stupid. If you want to make a profit, you don’t want to lose, don’t buy shares, just put in a bet. The lot doesn’t act too much. Still 5 stars for Bukalapak,” he said.
Another phenomenon that also occurs is the sale and purchase of OPEN shares at the e-commerce stall.
The price of the shares sold by the seller with the identity of Putri Rahmawati from Bekasi, West Java was sold below the market average price of Rp 1,000 per share.
As is known, the lokapasar site cannot be used as a stock transaction. Only securities companies can conduct share buying and selling transactions.
Therefore, on the Bukalapak.com page it is stated that the sale of shares is a violation. “Pelapak committed a violation,” wrote the description on the page.
Bukalapak.com also gave a response regarding the news. VP Corporate Affairs of PT Bukalapak.com Tbk, Siti Sufintri Rahayu emphasized that what made retail investors angry was purely the market mechanism.
“For information, Bukalapak’s stock transaction on the stock exchange after listing is purely a market mechanism,” he said in an official statement as quoted from detik.com, Tuesday (10/8/2021).
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