Bukalapak Stocks Weakened Due To Lower Auto Rejection (ARB), Netizens Nased At Playstore

Illustration. (Photo: Doc. Ternakuang)

JAKARTA - The share price of PT Bukalapak.com (BUKA) was hit by lower auto rejection (ARB) on its third trading day, Tuesday 10 August. This is because the shares of the first start-up company that floated on the Indonesia Stock Exchange fell 75 points or 6.76 percent to the level of 1,035 at 09.20.

In fact, Bukalapak shares had experienced the momentum of auto rejection (ARA) in the first two days of trading on the exchange. Throughout the session, BUKA's share price moved in the range of IDR 1,035-IDR 1,160, where foreign investors recorded a net sell of IDR 151.37 billion.

There are interesting things related to Bukalapak's shares that were hit by this ARA. Several netizens grumbled in the comments column on the Google Playstore.

"It's so bad on the 3rd day of ARB... how can you really get money from the Indonesian people for foreign investors... don't be shy about putting the Indo flag in the description...", said a netizen named Haryadi Yusuf.

"Take care of your falling stock", said Kelvin Kamdani in a review.

The Bukalapak application also answers each of these comments and assessments in almost the same format expressing an apology and an application to fill out an online form.

"Hi Bro, sorry for the inconvenience. Regarding your problem regarding shares, we suggest filling out the form at the https://bl.id/appreview link first so we can help you check further. Thank you :)", wrote Bukalapak.

For information, the Indonesia Stock Exchange has established an asymmetric auto rejection policy during the pandemic, which is effective from March 13, 2020. The policy is enshrined in Regulation no. II-A Concerning Trading of Equity Securities by Decree of the Board of Directors No: KEP-00025/BEI/03-2020.

According to the new regulation, the stock price range of IDR 50 - IDR 200 will be subject to auto rejection if there is an increase of 35 percent or a decrease in the share price of 7 percent in one day.

Meanwhile, the stock price range of IDR 200 - IDR 5,000 is subject to auto-reject if there is a price increase of 25 percent or a price decrease of 7 percent. Then for the stock price range above IDR 5,000, auto-reject is imposed if there is a price increase of 20 percent or a price decrease of 7 percent.