Ask Investors Not to Panic in Response to the Drop in GOTO Shares, Analysts: Keep "Wait and See" Until There Is a Positive Signal

GOTO's share listing. (Photo: Doc. GoTo)

JAKARTA - Shares of PT GoTo Gojek Tokopedia Tbk (GOTO) continued to record declines for 10 consecutive trading days. Within those two weeks, GOTO shares fell 40.54 percent from IDR 222 on November 18 to IDR 132 in today's trading (Friday, December 2).

Signals of a weakening of GOTO's share price began to occur in line with the end of the lock-up period on November 30. Before the incident, investors had been busy selling GOTO shares before hitting a lower price.

In fact, the decline in GOTO shares was recognized by the Indonesia Stock Exchange (IDX) as having a significant impact on the movement of the Jakarta Composite Index (IHSG). According to IDX Director I Gede Nyoman Yetna, as of November 28, GOTO's share weight on the JCI was 4.89 percent.

"If the GOTO price drops 7 percent in one trading day, the effect will be a 0.34 percent decrease in the JCI", said Nyoman.

Due to this condition, Asfarony People's Stock Analyst, Hendra Nazwin, asked investors not to panic in response to the decline in GOTO shares.

The reason, Asfarony said, was that there was a positive sentiment that could lift GOTO shares. Is the news that one of the big investors will get into GOTO stock.

"Including the efforts made by GOTO can also be a positive signal", said Asfarony.

For example, said Asfarony, GOTO's efforts to cut operations by reducing the financial burden on employees.

"These will be positive signals when we talk about GOTO in the future or for a very long time. So these will be signals that need to be considered for GOTO shareholders", he told VOI, Friday, December 2.

Apart from that, said Asfarony, GOTO is also one of the drivers of the JCI with quite a large portion.

"So if we refer to the JCI, investors really don't need to panic too much when they see GOTO shares when talking about a very long term", he said.

GOTO stock support and resistance

Senior Investment Information at Mirae Asset Sekuritas Indonesia, Nafan Aji Gusta, said that investors who own GOTO shares should wait and see the current situation.

Not only that, but Nafan also suggested that these stock investors patiently wait for the positive sentiment from the GOTO issuer's corporate actions.

"Investors should take a wait-and-see attitude and wait for the positive sentiment from the GOTO corporate action", he said.

According to Nafan, the improved performance of GOTO can create profitability.

Meanwhile, Nafan estimates that the nearest support level for GOTO will be at the level of IDR 123. Meanwhile, the resistance level is IDR 140.

Meanwhile, Asfarony suggested that investors who are just about to enter or who will enter into GOTO shares can look at technicals.

"If we look at today or since July, GOTO shares have indeed shown a downtrend. Are we going to enter at this time? I don't think this is the right moment because there has been no sign of a return to direction or signs of a rebound or reversal. Likewise, if we see that there is no MACD indicator for the golden cross yet", Asfarony added.

Asfarony also agreed that investors who don't yet own GOTO shares should wait and see until there are signs of a reversal of direction or a good enough impulse to buy.