KUALA LUMPUR (May 20): ACE Market-listed Oppstar Bhd’s (KL:OPPSTAR) shares fell as much as 24.8% on Bursa Malaysia, on the same day Main Market-listed Skyechip Bhd (KL:SKYECHIP) made a strong Main Market debut.
Oppstar’s shares fell to a low of 62 sen on Wednesday afternoon, before gaining some lost ground to close 21.21% or 17.5 sen lower at 65 sen after heavy trading. Some 111.3 million shares changed hands, equivalent to about 17% of the company’s shares outstanding. At its last price, the company is valued at RM529.13 million. It was the third most actively traded stock on Bursa Malaysia.
Short-selling in the stock was suspended for the day, and is due to resume on Thursday. Oppstar’s shares are up 44.7% over the past year.
Notably, the stock’s trading volume hit a record high of 233.8 million shares on Tuesday. According to Bursa Malaysia data, total short selling value for the stock stood at RM3.16 million, involving 3.19 million shares as of Tuesday.
The pullback comes after Oppstar surged nearly 79% on May 11, after its chip design unit secured an offer from the government to access British chip designer Arm Ltd’s design tokens under the Arm Flexible Access (AFA) platform.
Oppstar Technology Sdn Bhd was among the first local integrated circuit design firms selected for the initiative, alongside SkyeChip and privately held GreatAsic Technology Sdn Bhd.
Skyechip’s stock, on the other hand, surged to an intraday high of RM3.80 — more than four times its IPO price of 88 sen — before closing 151.4% higher at RM2.21, valuing the company at RM3.97 billion.