KUALA LUMPUR (Oct 23): Perak Transit Bhd’s (KL:PTRANS) shares continued to slide on Thursday after a delayed opening, following its response to Bursa Malaysia’s unusual market activity (UMA) query, falling to an intraday low of 28.5 sen, the lowest level in five years.
Earlier, the company reiterated that it was not aware of any reason for the sharp sell-off in its shares on Wednesday (Oct 22).
The stock swung between a low of 28.5 sen and a high of 35.5 sen during, before settling 1.49% lower to 33 sen at market close, valuing the company at RM397.4 million. Around 355.1 million shares were traded, making it the most active stock on the exchange. Year-to-date the stock has fallen 56.29%.
Trading in the company’s shares was suspended for an hour earlier in the morning, after Perak Transit responded to the UMA query prompted by a sharp sell-off in the stock on Wednesday.
The stock plunged as much as 30 sen or 47.2% to close at 33.5 sen on Wednesday, wiping out about RM360.9 million in market value in just one day. Some 232.73 million shares were traded.
In its filing with Bursa Malaysia, the company said it was not aware of any corporate developments, negotiations, rumours, or reports that could explain the trading activity and confirmed it remains in compliance with Bursa’s listing requirements, particularly Paragraph 9.03 on immediate disclosure obligations.