Sale! This is the ‘trigger’ that made Bukalapak’s shares plummet

Jakarta

In the last two days, the shares of PT Bukalapak.com Tbk (BUKA) experienced a sharp decline. For two days in a row, BUKA shares went down to touch the lower auto reject limit (ARB) of 7%.

Yesterday, BUKA shares closed in free fall by falling 6.76% to the level of Rp. 965. BUKA shares could not fall any further because they had already touched the limit. auto reject bottom (ARB).

On Tuesday, August 10, 2021, BUKA’s shares also fell to ARB with a decrease of 75 points or a decrease of 6.76% to the level of Rp. 1,035.

The decline in BUKA’s shares could not be separated from the selling action of foreign investors who owned the shares. Registered since the beginning of the IPO net sell BUKA’s shares have reached Rp 2.02 trillion. The question is who are the brokers who facilitate the group sale?

Quotes CNBC Indonesia, Friday (13/8/2021), the broker who is most keen on selling BUKA shares is PT Citigroup Sekuritas (CG). It was recorded that since the beginning of BUKA’s floor on the capital market on Friday last week, CG has sold 9.75 million lots (equivalent to 975 million shares, 1 lot contains 100 shares) at an average selling price of Rp 1,133/unit.

Yesterday, CG was also the broker that sold the most BUKA shares, which was 4.89 million shares with an average selling price of Rp. 965/unit. Citigroup itself is not a underwriter BUKA shares that get the majority share of the shares.

According to the CNBC Indonesia Research Team, CG is most likely an old investor who entered before the IPO where there are 10% of the old investors’ shares that are unlocked according to the prospectus published by Bukalapak.

There is indeed a possibility that the investor who uses a CG broker buys shares from lead underwriter and then transfer it to the CG broker via back line alias backdoor.

However, this is not uncommon given that broker lead underwriter which gives the share of shares to the investor, of course, expects that the investor will make transactions at the broker.

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