KUALA LUMPUR (Nov 14): Bursa Malaysia has suspended the intraday short selling (IDSS) on JF Technology Bhd (JF Tech) for the rest of Tuesday, after the stock dropped more than 15% or five sen from its reference price.
The local stock exchange said on Tuesday that IDSS will only be re-activated for JF Tech, a manufacturer of high-performance test contacting solutions for global integrated circuit (IC) makers, at 8.30am on Wednesday (Nov 15).
JF Tech dropped as much as 16% or 18.5 sen to an intraday low of 96.5 sen on Tuesday, before paring some losses to trade at RM1.03 at 4:17pm — still down 12 sen or 10.4%, valuing it at RM954.87 million.
The counter has gone through a rollercoaster ride since September, when it climbed a sharp 26% that month, before dropping 7.3% in October.
Prior to its steep decline on Tuesday, the stock recorded a gain of 14% from the start of this month till last Friday (Nov 10).
Earlier on Tuesday, JF Tech announced that it had formed a joint venture (JV) with Shenzhen HFC Co Ltd to engage in activities that include the design and manufacture of electromagnetic interference (EMI) shielding materials, thermal interface and absorbing materials.