GoTo Sinks to Floor Price as FTSE Russell Drops Stock From Global Index
Jakarta. Shares of tech giant GoTo Gojek Tokopedia fell under intense selling pressure on Tuesday morning after FTSE Russell confirmed the company's removal from one of its global equity indexes..
GoTo's stock remained stuck at Rp 50 per share, the minimum trading price on the Indonesia Stock Exchange (IDX), during the first trading session. By around 10:40 a.m. Jakarta time, nearly 100 million lots were queued for sale at Rp 50, with limited demand preventing the stock from moving off its floor price.
Despite the massive sell queue, only 134 million shares had changed hands, with 4,751 transactions worth Rp 6.7 billion ($375.4 thousand) recorded during the session.
The selling pressure came after FTSE Russell announced amendments to the June 2026 review of its FTSE Global Equity Index Series (GEIS), confirming that GoTo would be removed from the FTSE GEIS Mid Cap Index.
FTSE said the removal was due to GoTo's listing on the IDX's development board, a market segment that does not meet eligibility requirements for inclusion in the GEIS under Indonesia's index treatment framework for the June 2026 review.
The latest setback adds to growing concerns surrounding the technology company's prolonged stay at the Rp 50 floor price.
Earlier, Sinarmas Sekuritas warned that GoTo's inability to break above the minimum trading level since May 2026 had created two major systemic risks for investors.
The first is the risk of removal from the MSCI Global Standard Index during the August 2026 review. According to the brokerage, MSCI froze adjustments to GoTo's index weighting effective June 1 due to a lack of liquidity in the regular market.
"In the worst-case scenario, GoTo could be completely removed from the MSCI Global Standard Index during the August 2026 review if its share price fails to recover," Sinarmas Sekuritas said in a research note.
"The impact could trigger significant outflows from global fund managers that replicate MSCI indexes," the brokerage added.
The second risk is a potential transfer to the IDX's special monitoring board under the Full Call Auction (FCA) mechanism.
Under the FCA mechanism, bid and offer queues are no longer visible to investors because orders are matched through periodic auctions.
"The consequence is that the Rp 50 floor effectively disappears. GoTo's share price could potentially fall as low as Rp 1 per share," Sinarmas Sekuritas said.
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