KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) entered negative territory on Wednesday as a result of several counters on Bursa Malaysia having to withstand selling pressure and hit limit down.
In Wednesday's morning trading session, Sarawak Consolidated Industries Bhd (SCIB) saw a 35.93 per cent drop in share price, or 30 sen, to 53.5 sen, hitting limit down for the second day in a row.
Following the stock's share price decline, short sales were also halted.
With about 198.4 million shares trading hands, SCIB was the most actively traded stock.
Short selling was suspended on Tuesday as well after its share price nosedived in the morning trade.
Short selling in the stock will resume on Thursday, Jan 18, 2024.
Following the issuance of an unusual market activity (UMA) query by Bursa Malaysia on Tuesday, there was further selling pressure on the company's shares.
Jentayu Sustainable Bhd's shares also experienced a 30 per cent decline, or 39 sen, and were trading at 91 sen, the intraday low. Its market capitalisation was RM382.4 million as a result.
The company's first quarter, which ended on September 30, 2022, saw a profit of RM11.12 million (Q1 FY23).
According to Jentayu's most recent financial report for Q1 FY24, it lost RM7.15 million.
Mercury Securities Bhd experienced a limit down as well, with a 39.33 per cent decrease in share price, or 29.5 sen, to 45.5 sen.
Year-to-date, the company's share price has dropped 35.92 per cent or 25 sen, bringing its market capitalisation to RM406.32 million.
Rapid Synergy Bhd and YNH Property Bhd's share prices, meanwhile, kept falling and reached a limit on Wednesday.
At midday on Wednesday, YNH Property shares saw a decrease of 29.48 per cent, or 51 sen, to RM1.22.
Shares of Rapid Synergy fell RM1.69, or 29.91 per cent, to RM3.96.
The local stock exchange had sent UMA queries to both companies last week.
Rapid Synergy and YNH responded to the questions by stating that their management intended to sell a number of the companies' and their subsidiaries' landed properties.
Datuk Dr. Yu Kuan Chon is the executive director and chairman of YNH Property Bhd. He also owns a 22.8 per cent stake in Rapid Synergy.
Additionally, he owns a 14.6 per cent share of Imaspro Corp Bhd as a shareholder.
Imaspro's share price dropped by 12.41 per cent, or 17 sen, to trade at RM1.20 during Wednesday's lunch break.