GoTo shares plunge to Rp 37 after minimum price limit removal

Shares of PT GoTo Gojek Tokopedia Tbk (GOTO) have experienced a significant decline, dropping 28% from Rp 50 to Rp 37 per share over two trading days. This sharp decrease follows the Indonesia Stock Exchange's decision to remove the Rp 50 minimum price limit in regular and cash markets, allowing prices to fall as low as Rp 1.

During recent trading sessions, selling pressure has been intense, with sell orders for GOTO reaching 1 billion lots. While Morgan Stanley has engaged in fluctuating transactions—including buying 400 million shares at Rp 27 in mid-September before selling 450 million shares shortly after—its total ownership has decreased from 7.02% to approximately 6.98%.

Market analysts from Kiwoom Sekuritas Indonesia suggest that selling pressure is likely to continue. Technical analysis indicates the stock could potentially test support levels between Rp 36 and Rp 27. The previous Rp 50 price floor had reportedly caused liquidity issues, making it difficult for index-tracking funds to execute large trades accurately.