The JCI Dropped 1.27 Percent, Again GOTO Becomes a Burden

Share illustration (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (IHSG) in the first session of trading closed fell 87.56 points or 1.27 percent. Where, the JCI ended at the level of 6,785.84.

This was allegedly because GoTo Tokopedia Tbk (GOTO) shares were one of the burdens on the IHSG session I today, Wednesday, February 22.

The shares of this technology issuer closed down 6 points or 4.96 percent at the level of IDR 115 per share. This amount compared to the previous day's close of IDR 121 per share.

GOTO in today's movement did not touch the green zone, where today's highest level was at IDR 121. Meanwhile, the lowest level was at IDR 113 per share.

GOTO did influence the JCI quite a bit after the transportation and e-commerce application holding held an IPO. This is due to the considerable weight on the JCI.

Moreover, fears of inflation and global recession caused by the interest rates of the US central bank or the Federal Reserve (The Fed) are enough to make investors wary.

In addition, the pressure on the Indonesian stock market coincided with the fall in Asian bourses. This was due to the surprising strength in a global services survey fueling fears that central banks will have to raise interest rates further and keep them on hold for longer.

Moreover, Goldman Sachs estimates the European Central Bank (ECB) will raise interest rates three times this year, bringing the terminal interest rate to 3.5 percent from the previous estimate of 3.25 percent.

In a recent note, the multinational investment bank said in addition to increases of 50 basis points in March and 25 basis points in May, it expects increases of 25 basis points in June 2023.

From the GOTO side, there are currently rumors of alleged Corruption, Collusion and Nepotism (KKN) on Telkomsel's investment in GOTO which is being spread through the YLBHI Director Agustinus Edy Kristianto (AEK) podcast. Where, this Telkom subsidiary injects IDR 6.3 trillion into GOTO.

At first glance, this investment looks normal, however, Telkomsel has suffered losses as a result of this investment. However, unfortunately not so ignored.

Moreover, the Main Commissioner of GOTO at that time was the older brother of State-owned Enterprises (BUMN) Minister Erick Thohir, namely Garibaldi Thohir.