KUALA LUMPUR (Jan 12): Rapid Synergy Bhd, in which businessman Datuk Dr Yu Kuan Chon owns a 22.8% stake, was once again in focus as the stock continued to be pounded by selling pressure in Friday morning's trading session, marking the third consecutive day of hitting limit down.

The counter fell as much as 23.33% to RM8.05 in the first trading hour after the opening bell. At the time of writing, Rapid Synergy pared some losses to RM9.35, still down 18.7% or RM2.15, making it the largest loser again on Bursa Malaysia.

At RM9.35, Rapid Synergy's market capitalisation stood at RM978.1 million.

The year 2023 was not an easy one for businesses. With interest rate hikes up to 3% while inflation remained above its long-term average since the pandemic, businesses had to fight against currency fluctuation and gain a competitive advantage in the market to survive.

Meanwhile, YNH Property Bhd, in which Dr Yu owns 32.6%, also faced another round of selling pressure, with the stock dropping as much as 7.72% to RM2.51 compared to its closing price of RM2.72.

The counter pared some losses, still down one sen or 0.37% to RM2.71, translating into a market capitalisation of RM1.43 billion.

On the other hand, buying support for Imaspro Corp Bhd, in which Dr Yu controls 14.6%, has emerged, as the stock climbed as much as 11.05% to an intraday high of RM2.21, making it one of the top gainers on Bursa Malaysia.

At the time of writing, the counter has pared some gains to trade at RM2.07, still up eight sen or 4.02%, giving the group a market capitalisation of RM166.4 million.

Both Rapid Synergy and Imaspro had received unusual market activity (UMA) queries from Bursa Malaysia on Wednesday (Jan 10) and have responded to the local stock exchange operator.

In response, industrial mould manufacturer Rapid Synergy said its management is currently considering proposals to sell certain landed properties of the company and its subsidiaries.

Meanwhile, agrochemicals and pest control-related products manufacturer Imaspro said there was no corporate development in the company that has not been previously announced that may account for its sharp drop in price.

Bursa Securities also issued a UMA query to YNH Property on Thursday due to a sharp fall in its share price; however, YNH Property has yet to reply to the regulator's UMA query up to now. 

https://www.theedgemarkets.com/node/697155