KUALA LUMPUR (Jan 17): Shares of Sarawak Consolidated Industries Bhd (SCIB) plunged 30 sen or 35.93% in Wednesday's morning session, hitting limit down for the second consecutive day, erasing all gains in the last three months.

The counter, which was issued an unusual market activity (UMA) query on Tuesday, traded at its intra-day low of 53.5 sen at the time of writing. From its 30-month high of RM1.19 on Monday, the counter was down 65.5 sen or 55.04%.

At the time of writing, SCIB remains the most active stock on Bursa Malaysia, with 198.1 million shares traded. At 53.5 sen, SCIB has a market capitalisation of RM342.5 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. 

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