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.

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.

The counter 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 59.5 sen, still down 26 sen or 30.4%, with a trading volume of 121.39 million shares.

Rapid Synergy also 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 345,900 shares in early trade.

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 32.5 sen, down 22 sen or 40.37% from the previous’s close. At the time of writing, it went slightly up to 34 sen, still down 20.5 sen or 37.6%.

However, Sarawak Consolidated Industries Bhd (SCIB) witnessed a slight rebound from last Friday’s close, with its share price increasing by five sen or 17.2% to 34 sen shortly after Monday’s opening bell. It emerged among the top active stocks, with a trading volume of 87.51 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, which initially saw its open price down 10.5 sen or 32.3% to 22 sen, has parred loss shortly after the opening bell. Its share price rose to 50.5 sen, up half a sen or 1% from its previous close of 50 sen last Friday.

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. 

https://www.theedgemarkets.com/node/698113