KUALA LUMPUR (Jan 10): All three stocks related to Datuk Dr Yu Kuan Chon — Rapid Synergy Bhd, Imaspro Corp Bhd and YNH Property Bhd — continued to face heavy selling pressure on Wednesday (Jan 10) after topping the losers list on Tuesday, with Rapid Synergy closing at limit-down level, while YNH saw final-hour buying that erased its intraday losses.
Rapid Synergy's plummet drew an unusual market activity (UMA) query from Bursa Malaysia Securities Bhd.
At the time of writing, Rapid Synergy had yet to reply to the regulator's UMA query.
While Imaspro was initially spared with a slight decline in the morning session, the counter was pounded heavily during the afternoon session, pushing its share price down 98 sen or 28% to RM2.50, nearly hitting the limit down threshold of 30%.
The agrochemicals and pest control-related products manufacturer, valued at RM200 million at closing price, was the third largest loser on Bursa Malaysia, after Rapid Synergy and BLD Plantation Bhd.
YNH was originally the second largest loser of the day, but final-hour buying support propped up its share price to an intraday high of RM3.67, up 37 sen or 11%, ending the day with a wide day range between RM2.80 and RM3.67.
The property developer fell as much as 15% before its share price shot up at the 11th hour on Wednesday to make it the third largest gainer across the local stock exchange, with a market capitalisation of RM1.94 billion.
Unlike YNH, signs of dip-buying were elusive for Rapid Synergy after the morning selldown, with the industrial mould manufacturer closing RM7.02 or 30% lower at RM16.38, valuing it at RM1.75 billion.
The severe selldown saw both Rapid Synergy and YNH lose more than half of their gains since early 2022, while Imaspro has reversed almost all of its gains over the same period. [See Charts]
Dr Yu controls a 22.8% stake in Rapid Synergy and 32.6% of shareholdings in YNH.
The prominent investor also controls a 14.6% stake in Imaspro Corp Bhd, being the second largest shareholder after managing director Tong Chin Hen with a 51% shareholding.
