Indonesia’s Amazon
By Thu, Jun 24, 2021
Hey Scoopers,
Although the Dow Jones index and the S&P 500 index ended lower, the Nasdaq index reached a new record high. — More on that in the “Overall Market” section.
Beyond the overall market, two companies shared exciting news. First, an electric car start-up announced its inclusion in the Russell 3000 index. Second, a sustainable plastic manufacturer entered a joint venture to expand in Asia. — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, Indonesia now has its own “decacorn.” — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
Market Recap
- U.S. markets: The stock market ended mixed on Wednesday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: After dropping under $31K per coin on the weekend, Bitcoin‘s price climbed back to $33K per coin.
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Pressure From All Sides
The stock market ended mostly in the red zone on Wednesday.
After the pace of the economic recovery and inflationary pressures concerns stayed around, the markets had another volatile session. Although Wednesday was a day of uncertainties, the Nasdaq index added gains to set another record high as stock from the tech sector outperformed other sectors.
Ranking Up
So, what happened?
Shares of Fisker (Ticker: FSR) were up by more than 9% on Wednesday. After the company announced it is set to join the Russell 3000 index, the electric car start-up logged its best close since March. Although the addition to the index doesn’t necessarily mean the stock would perform well, Fisker’s inclusion in the index brought bullish investor sentiment to i. Furthermore, the addition to the index opens the door for Fisker to receive funds from mutual funds, investment pools, etc.
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Large Partnership
So what happened?
Shares of Loop Industries (Ticker: LOOP) were up by more than 20% on Wednesday. The sustainable-plastics company announced a partnership with the Asian conglomerate SK3 Group (Ticker: SKTO). Along with building a factory in Québec, the company started a joint venture to construct sustainable plastic and polyester fiber factories in Asia. Although Loop would own 49% of the joint venture, investors saw it as an opportunity for the company to expand its presence in Asia.
Indonesia’s Amazon
So what happened?
Gojek and Tokopedia announced a merger to create the GoTo Group. Although unknown to most western investors, the companies are major players in the Indonesian eCommerce market. GoTo plans to complete an IPO in 2021, listing in Jakarta and the United States. The expected valuation for the IPO is between $35 and $40 billion, marking Indonesia’s largest business merger. With both companies combined, Gojek and Tokopedia merger created a tech giant comprising more than 100 million monthly active users, more than 11 million merchants, and 2% of Indonesia’s GDP. Furthermore, its addressable market is expected to triple by 2025, reaching a $309 billion value.
Although not very famous on this side of the world, the merger would create substantial competition for companies like Amazon (Ticker: AMZN) in Southeast Asia.
If you have any questions, or suggestions let us know by emailing us at members@tradestocks.com. We look forward to hearing from you.
About the Author
Felipe Nebesnyj is an Economics student who is passionate about the stock market and investing in the market. Originally from Brazil, he is working and studying in the U.S. and started learning about and researching the stock market at 16. Before joining Stock Card, Felipe worked on multiple stock market research projects that gave him the necessary knowledge and confidence to put into his stock market analyst career at Stock Card. Last but not least, he is an excellent violinist and enjoys video games.
