Small-cap selling resumes with Rapid Synergy, YNH leading the way

Small-cap selling resumes with Rapid Synergy, YNH leading the way

Selling pressure on penny stocks as Rapid Synergy hits 14-year low.

Rapid Synergy Bhd and YNH Property Bhd – stocks linked to tycoon Yu Kuan Chon – were among the biggest losers on Bursa Malaysia today.
PETALING JAYA:
The respite for small-cap stocks battered by the sell-off in recent weeks appears to have been short-lived as some of the worst-hit counters have again come under selling pressure today.

Leading the pack were Rapid Synergy Bhd and YNH Property Bhd, stocks linked to tycoon Yu Kuan Chon. Rapid Synergy tumbled as much as 27% or 47 sen to RM1.27, a 14-year low, while YNH fell 20.12% or 17 sen to 67.5 sen in morning trading.

Imaspro Corp Bhd, another counter linked to Yu, fell 5.59% or 8 sen to RM1.35.

The pause in the selling was evident in the last few trading sessions prior to today. YNH had risen as much as 20.28% or 14.5 sen to 86 sen yesterday, building on a 9.2% or 10.5 sen rise last Friday.

Today’s selling also hit stocks affected by the recent sell-off such as Sarawak Consolidated Industries Bhd (SCIB), which fell as much as 14.63% or 6 sen to 35 sen, and Widad Group Bhd which dropped 12.9% or 2 sen to 13.5 sen.

Other affected counters were Silver Ridge Holdings Bhd (down 14.29% or 5 sen to 30 sen), Artroniq Bhd (down 3.5 sen or 10.76% to 29 sen) and Mercury Securities Group Bhd (down 3.5 sen or 8.33% to 38.5 sen).

Over 10 counters hit limit-down in recent weeks during the small-cap sell off, with a number plunging more than 50% in value.

At mid-day break, Rapid Synergy was the third biggest loser on Bursa Malaysia, with the trading volume of 9.29 million shares about three times more than its two-month average.

YNH had the third-highest turnover with RM65.02 million worth of shares changing hands.

The property developer did not get a boost from its announcement yesterday that it plans to sell its shopping mall, 163 Retail Park in Mont Kiara to Sunway Real Estate Investment Trust (Sunway REIT) for RM215 million.

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