KUALA LUMPUR (Jan 22): The selling wave for penny stocks took a pause on Monday morning, although two of the worst hit counters, YNH Property Bhd and Rapid Synergy Bhd, hit limit down again, soon after the opening bell.
Rapid Synergy was the biggest loser on Bursa Malaysia at the time of writing, as it opened at limit down, with a share price of RM1.95, down 83 sen or 29.9% from its previous close. It saw a mere trading volume of 427,100 shares in early trade.
YNH opened at 55.5 sen, down 30 sen or 35.1% from its previous close at 85.5 sen. At the time of writing, the most-active stock had pared loss at 58 sen, still down 27.5 sen or 32.16%, with a trading volume of 192.04 million shares, to be the second top active counter on Bursa Malaysia.
This marks the third time that YNH, which is linked to prominent investor Datuk Dr Yu Kuan Chon, hit limit down within the past two weeks.
Another Yu-linked counter, Imaspro Corp Bhd, resumed selling on Monday, down seven sen or 4.76% to RM1.40.
Silver Ridge Holdings Bhd, which hit limit down last week, remained among the top losers at Monday’s opening bell, with its share price opening at 28 sen, down 26.5 sen from the previous close. At the time of writing, it went slightly up to 34 sen, still down 20.5 sen or 37.6%.
Meanwhile, Sarawak Consolidated Industries Bhd witnessed a slight rebound from last Friday’s close, with its share price increasing by 12 sen or 41.38% to 41 sen shortly after Monday’s opening bell. It was the top active stocks, with a trading volume of 211 million shares at the time of writing.
Meanwhile, Widad Group Bhd, another casualty from last week’s selling wave, increased by 1.5 sen or 13.6% to 12.5 sen. It remained the second-most active stock on Bursa Malaysia, with a trading volume of 94.32 million shares at the time of writing.
Jentayu Sustainables Bhd pared loss shortly after the opening bell. Its share price rose to 50.5 sen, up half a sen or 1% from its previous close at 50 sen.
Other worst-hit counters from the selling wave last week, such as Artroniq Bhd and Leform Bhd, saw their share prices back in the green during early trade on Monday. Artroniq saw its share price up half a sen or 1.75 sen to 29 sen, with a trading volume of 45.15 million shares, while Leform saw its share price up half a sen or 3.13% to 16.5 sen, with a trading volume of 32.13 million shares.
Across Bursa, the FBM ACE Index continued to decline, down 0.12% at the time of writing. The FBM KLCI traded down 0.02%, while the FBM Small Cap Index rose 0.86%.
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