KUALA LUMPUR: Shares in ACE Market-listed IFCA MSC Bhd, which Bloomberg dubbed the world’s top software stock in April, fell as much as seven sen or 8.5% yesterday to 75 sen apiece, a seven-month low, as foreign funds trim their stakes in the information technology company.

At the market close, the stock regained some losses and was trading at 77 sen, still down five sen or 6.1%, with over 28.16 million shares done, making it one of the most actively traded counters on the bourse yesterday.

At the current price, its market capitalisation stands at RM430.14 million.

The stock has been on a steady decline since July 9, when it was trading at RM1.20. It slid some 35.8% to 77 sen at the close yesterday.

A dealer said some foreign institutional funds have been disposing of their shares in IFCA MSC since early July.

“However, retail investors have started to accumulate the shares. Even so, this has not been enough to push up the share price,” he added.

In its first financial quarter ended March 31, 2015 (1QFY15), IFCA MSC’s net profit was RM9.68 million, 23 times its 1QFY14 net profit of RM421,000. Revenue also grew to RM31.98 million from RM13.69 million previously.

Its overseas business revenue for the quarter grew 32% to RM5.2 million, while its business in Malaysia grew 143 times to RM30.1 million. The group had RM30.5 million in unbilled projects as at March 31, 2015.

This article first appeared in digitaledge Daily, on August 11, 2015.