Will GoTo Shares like Bukalapak? This is the Analyst Explanation
JAKARTA, KOMPAS.COM PT GoTo Gojek Tokopedia (GOTO) recently on the Indonesia Stock Exchange (IDX) on Monday (11/4/2022). At the beginning trading, GOTO shares experienced a significant increase of 13.02 percent, after being offered at a price of Rp. 338 per share.
However, after that, GOTOs stock price movement did not skyrocket. The second day after the IPO, GOTOs share price fell 3.14 percent, and followed by a slight increase in the following day. On over the weekend, GOTOs share price was at the level of Rp. 376 per share, you know up 0.5 percent.
Since planning the IPO, GOTO has not been separated from the shadows its competitor, Bukalapak (BUKA). Apart from both recording loss during IPO, OPEN share price after a few days of IPO (2021) also foundered, from the beginning at the level of Rp 850 per share, now the stock price OPEN Rp 346 per share, down more than 50 percent.
So is it possible for GOTO shares to have the same fate as OPEN?
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Senior Investment Information Mirae Asset Sekuritas Indonesia Nafan Aji Gusta revealed, its too early to draw conclusions like that. This is because GOTOs shares are still only listed on the IDX. not even a week of trading.
However, Nafan looks at the technical side of price movements GOTO shares are accompanied by a fairly good trading volume. The decrease in volume only occurred a day after the GOTO listing, namely on April 12, 2022, it shows a sell-off high.
Nafan said at the close of trading Thursday, trading volume GOTO was in the range of 3.68 billion shares, and closed up 0.53 percent compared to Wednesdays volume of 3.26 billion shares.
So the volume is still in the range of 3 billion shares, right? On the side On the other hand, the strengthening of GOTO is not very significant, and one day after the IPO the decline in the candle shows that there is strong selling pressure seen. However on Wednesday and Thursday it is somewhat appreciated, but still havent reached the midpoint level, Nafan explained to Kompas.com, Friday (15/4/2022).
Nafan explained, if measured technically, the middle point is in the range of IDR 400 per share, and if it touches that level then what happened was that GOTO experienced a bullish consolidation. But on closing, GOTO hasnt touched that level yet, so its still in a bearish consolidation trend.
The current bearish consolidation means that GOTO still needs to be strengthened sentiment, because the euphoria was over at the IPO. So (to go up again) GOTO needs positive sentiment, and most likely one that investors most hope for is the issuers corporate action. Whats that later from the Right Issue, or dividends, explained Nafan.
