KUALA LUMPUR (Oct 27): Share price of Betamek Bhd fell by 18% on Thursday (Oct 27) as investors chose to lock in gains after the stock made a robust debut on ACE Market of Bursa Malaysia on Wednesday (Oct 26).
Betamek, which provides one-stop electronics manufacturing services solutions to automotive makers, earlier opened in the day at 72.5 sen, which was 1.5 sen higher than its closing price of 71 sen on Wednesday.
The counter then climbed to 75.5 sen within the first 30 minutes of the morning trading session. It, however, did not sustain its momentum, and gradually descended throughout most of the day.
At the closing bell on Thursday, Betamek shares declined 18.31% or 13 sen to settle at 58 sen, bringing it a market capitalisation of RM261 million.
Betamek was also the most actively traded stock on Bursa Malaysia with a total of 179.61 million shares transacted between 57 sen and 75.5 sen apiece.
On Wednesday, Betamek made a strong debut on the ACE Market, opening 23% higher than its initial public offering price of 50 sen a share.
Betamek's share price even touched an intraday high of RM1 as over 88.78 million shares were traded within the first 30 minutes of trade.
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