Bisnis.com, JAKARTA — Shares of E-commerce issuer, PT Bukalapak.com Tbk. (BUKA), again plunged into the red zone, even below the initial public offering (IPO) price.
In trading Monday (18/10/201), BUKA shares reddened and fell by 3.42 percent to the level of 705. This level is away from the IPO price. As a comparison, the OPEN IPO price was IDR 850 per share.
During the previous week, Bukalapak’s stock had experienced successive declines, although it had bounced in the green zone. The Indonesia Stock Exchange (IDX) recorded that the total transaction value of BUKA’s shares reached Rp. 189.10 billion, while the volume of shares traded reached 2.6 million lots.
Along with the decline in share prices, Bukalapak’s current market capitalization also fell to Rp72.66 trillion, which previously had broken through to Rp109 trillion.
Kiwoom Sekuritas analyst Sukarno Alatas predicts Bukalapak’s stock will continue to move in a downward trend. The reason is, the stock price has breakdown support at the level of Rp800 and Rp775.
“The closest support is at Rp685, if the breakdown returns to Rp685, the downward trend will continue again,” Sukarno said when contacted by Bisnis Monday (10/18/2021).