Whether this is a flash in the pan for the counters that had hit limit-down over the past two weeks or a sustainable recovery remains to be seen.
The stocks which had been most badly hit made impressive gains today. These included YNH Property Bhd, Rapid Synergy Bhd, Sarawak Consolidated Industries Bhd (SCIB) and Jentayu Sustainables Bhd.
YNH surged by 38.74% or 21.5 sen to 77 sen at the mid-day break after it opened limit-down at 55.5 sen yesterday. It was the third most active counter on Bursa Malaysia with a trading volume of 168.11 million shares.
The shares of Rapid Synergy, an industrial mould manufacturer, rose by 17.44% or 34 sen to RM2.29. It was the fifth most active stock with 96.3 million shares exchanging hands.
Both counters are linked to businessman and investor Yu Kuan Chon, who holds a 22.8% stake in Rapid Synergy and 32.6% of YNH.
Bursa Malaysia Securities had frozen the lower limit of Rapid Synergy and YNH’s share prices yesterday at RM1.95 and 55.5 sen, respectively. It was the second time the exchange had frozen their lower limit in the past week.
The freeze was imposed because the counters were traded at static limit down prices for two consecutive days, Bursa said in a filing.
Meanwhile, renewable energy solutions provider Jentayu was up 48.62% or 26.5 sen at 81 sen at the mid-day break.
Construction company Widad Group Bhd was the most actively traded stock on Bursa Malaysia with 304.43 million shares changing hands. The battered stock was up 29.63% or four sen to 17.5 sen.
Industrialised building solutions provider SCIB has continued its recovery and was up 11.5% or five sen to 48 sen today after rebounding 50% or 14.5 sen yesterday.
Prior to yesterday’s rebound, SCIB had plummeted 75.63% from its year-high of RM1.19 on Jan 15 to 29 sen on Jan 19 (last Friday).
Other counters which faced a wave of selling pressure recently were also among the gainers today. They included Mercury Securities Group Bhd (up four sen or 8.51% to 51 sen), Artroniq Bhd (up seven sen or 21.54% to 40 sen), Silver Ridge Bhd (up 9.5 sen or 24.68% to 48 sen), Leform Bhd (up 2.5 sen or 13.9% to 20.5 sen), and Heitech Padu Bhd (up 2.5 sen or 2.25% to 91 sen) at the mid-day break.