KUALA LUMPUR (Sept 13): Selling pressure continued to weigh on APB Resources Bhd (KL:APB), with the stock falling more than 15% on Friday, prompting Bursa Malaysia to suspend its intraday short-selling (IDSS).

The bourse regulator said in a filing that the IDSS for APB will be reactivated at 8.30am on Tuesday, Sept 17.

APB fell as much as 20.35% or 23 sen on Friday to an intraday low of 90 sen, before paring some of its losses to close at RM1.01, still down 12 sen or 10.62%, after 858,200 shares changed hands. At RM1.01, the stock is valued at RM114 million.

This is the second time this week that the IDSS for APB has been suspended by the regulator.

On Tuesday, Globetronics Technology Bhd (KL:GTRONIC), in which APB bought a 10.36% stake in February, experienced significant selling pressure after announcing that its external auditor KPMG PLT had resigned voluntarily. The steep sell-off in the shares of the outsourced semiconductor assembly and test firm had resulted in a paper loss of RM102 million for APB since the acquisition. 

APB itself has dropped by 22.3% since the announcement. Year to date, it is down by more than 60%.

APB remained in the red for the second straight quarter in the three months ended June 30, 2024, posting a net loss of RM1.1 million on revenue of RM25.6 million.

Currently, no institutional analyst covers the company.