KUALA LUMPUR (Dec 5): Steel cookware manufacturer Ni Hsin Resources Bhd dropped as much as three sen or 7%, as the stock tracked the broader market's decline.
Investors had also locked in gains from Ni Hsin shares' recent rise.
Ni Hsin fell to a low of 39.5 sen, before reducing losses. At 2.31pm, the stock was traded at 40 sen, with some seven million shares traded.
For comparison, the FBM KLCI erased earlier losses for a 6.55-point, or 0.4% gain. Yesterday (Dec 4), the KLCI fell 12.46 points or 0.7% to close at 1,745.69.
Bloomberg data showed Ni Hsin shares had over the last six months, risen to an intraday high of 54.5 sen on Oct 30, before falling to current levels.
Today, Ni Hsin shares fell, despite the group announcing its plan to venture into the photovoltaic systems market. Photovoltaic systems involve the conversion of solar energy into electricity.
Yesterday, Ni Hsin told Bursa Malaysia it planned to venture into the business with Helios Photovoltaic Sdn Bhd (HPSB).
Ni Hsin said it had signed an MoU with HPSB, to enter into discussions on the joint venture.