KUALA LUMPUR: Ni Hsin Group Bhd and GIIB Holdings Bhd have received trading reminders by Bursa Malaysia after both stocks saw a sharp fall in their share price since Oct 29.
The counters were among the most actively traded stocks in the first half of the trading session on Tuesday with Ni Hsin topping the list at the midday break.
As at 12.30pm, Ni Hsin’s shares dropped 41.67 per cent or 7.5 sen to 10.5 sen with more than 51 million shares traded.
The stock opened half a sen lower at 17.5 sen and dropped as much as 44.4 per cent to hit an intraday low of 10 sen.
At its current price, Ni Hsin is valued at RM56.28 million.
The stock lost about RM211.72 million in market value since Oct 28 when its share price stood at 50 sen.
GIIB’s share price dropped 40.74 per cent or 11 sen to 16 sen at the midday break on Tuesday, with more than 36 million shares changing hands.
The counter opened 1.5 sen higher at 28.5 sen but continued to slump throughout early trade and hit an intraday low of 15.5 sen.
At its current share price, GIIB is valued at RM129.12 million.
The stock lost about RM443 million in market value when it traded at 71 sen on Oct 28.
The exchange served trading reminders to both companies on Tuesday, drawing attention to the recent sharp fall in their share price and their responses to an unusual market activity query on Oct 30.
In their responses, both Ni Hsin and GIIB did not identify or were unaware of any recent corporate developments that could give rise to the unusual trading activities in its shares.
Ni Hsin said the developments it had throughout the period were on the proposed bonus issue of warrants announced on Oct 27 and the proposed diversification of its existing principal activities to include the electric vehicles business announced on Sept 8.
“The company also disclosed that it had disposed of five million ordinary shares on Oct 26, which had been announced on the same day, but stated that it was unable to conclusively determine whether the disposal contributed to the recent trading activity in its securities,” said the exchange.
Bursa urged investors to consider all available information before making investment decisions involving Ni Hsin or GIIB shares.
On Friday, the exchange also issued a trading reminder on Mega Fortris Bhd following a prolonged share-price collapse, urging investors to exercise caution as unusual trading activity continues.
Mega Fortris’ shares continue to slip today, dropping 20.71 per cent or 29 sen to RM1.11.