The share price of PT GoTo Gojek Tokopedia Tbk (GOTO) has finally risen above its initial offering price after the issuer will become a constituent of the new LQ45 index through the Fast Entry route.
GOTO recorded a jump of 11.84% in today's trading to the level of Rp. 340/unit. It was previously known that GOTO had a floor at a price of Rp. 338/unit on April 11, 2022.
Trade was also observed to be busy where the total transactions this morning had reached Rp. 813 billion, with foreign investors making a net purchase of Rp. 16 billion.
Just over a month ago on the Indonesia Stock Exchange (IDX), PT GoToGojekTokopedia Tbk (GOTO) shares have entered three indices at once starting June 8, 2022.
In the announcement quoted on Thursday (2/6/2022), IDX has evaluated the Fast Entry Index of the IDX30, LQ45 and IDX80 Indexes.
As a result, GOTO shares entered the LQ45 and IDX30 index replacing PT Waskita Karya (Persero) Tbk (WSKT) shares.
Then, GOTO shares also entered the IDX80 index replacing PT Buyung Poetra Sembada Tbk (HOKI) shares.
GOTO is recorded to have a free float ratio of 66.4%.
"The list and number of shares used in calculating the index on these indices will be effective from June 8, 2022 to July 2022," reads the IDX announcement.
GOTO Enters LQ45, IDX30 and IDX80 Index Starting June 8
Just over a month ago on the Indonesia Stock Exchange (IDX), the shares of PT GoTo Gojek Tokopedia Tbk (GOTO) immediately entered three indices at once starting June 8, 2022.
In the announcement quoted on Thursday (2/6/2022), IDX has evaluated the Fast Entry Index of the IDX30, LQ45 and IDX80 Indexes.
As a result, GOTO shares entered the LQ45 and IDX30 indexes replacing PT Waskita Karya (Persero) Tbk (WSKT) shares.
Then, GOTO shares also entered the IDX80 index replacing PT Buyung Poetra Sembada Tbk (HOKI) shares.
GOTO is recorded to have a free float ratio of 66.4%.
"The list and number of shares used in calculating the index on these indices will be effective from June 8, 2022 to July 2022," reads the IDX announcement.
GOTO Stock Enters LQ45 Index, Sucorinvest AM Still Maintains Tactical Strategy
The shares of PT GoTo Gojek Tokopedia Tbk ( GOTO ) are included as a constituent of IDX30 , LQ45 , and IDX80 . This refers to the announcement letter of the Indonesia Stock Exchange (IDX) issued on May 31, 2022.
GOTO toppled the position of PT Waskita Karya (Company) Tbk ( WSKT ) shares at IDX30 and LQ45 Index. Meanwhile, at IDX80 GOTO replaced PT Buyung Poetra Sembada Tbk ( HOKI ).
The entry of issuers with the stock code GOTO is thanks to the fast entry provided by the IDX. The new GOTO will effectively be included in the three indexes starting June 8th.
The inclusion of GOTO shares into the three indices of course can also be a new thing for investment managers (MI) in compiling their portfolios. Given, GOTO has a jumbo market capitalization of Rp. 407 trillion, which can be a driving force for the index.
Investment Specialist at Sucorinvest Asset Management Toufan Yamin believes that the inclusion of GOTO in the three indexes can be an incentive for MI to collect these technology stocks. However, this returns to each MI strategy.
"Back again, it's like a double-edged sword. For example, (MI) doesn't have GOTO shares, but when GOTO goes up the mutual funds don't move, but when GOTO's shares go down like some time ago, they benefit because they don't buy GOTO," Toufan, Thursday (2/6).
According to Toufan, for MI that has a passive or indexing , GOTO can be an option because it has a high weight in the index. However, if MI has a tendency to value investing , it is unlikely that GOTO will be noticed.
Meanwhile, Toufan said that Sucorinvest AM used a tactical in collecting GOTO and did not really take into account its weight on the index. The share of GOTO shares in the stock-based Sucorinvest AM mutual fund portfolio is no more than 2%.
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