A tale of four “high flyers” getting dumped

THE age-old adage, the higher you rise, the steeper will be your fall, does make valid sense after all.

Investors resorted to punishing four stocks which have climbed to exorbitant level in recent times, leaving them in the list of the day’s top losers.

Vivocom International Holdings Bhd and its warrant, Vivocom-WE ended Monday’s trading limit down.

The mother share nosedived 52 sen or 29.89% to close at intra-day low of RM1.22 amid a hefty volume of 148.43 million shares (the counter traded between RM1.22-RM1.82).

Its warrant stock plummeted 33 sen or 30% to end the day at 77 sen amid a volume of 28.23 million shares (the stock traded between 77 sen and RM1.17).

For the record, Vivocom and its warrant which recently completed a 10-to-1 share and warrant consolidation exercise involving 566.45 million shares and 113.29 million warrants respectively have been seeing heavy trading since the exercise took effect on Nov 2.

GETS Global Bhd which has been slapped with three unusual market activity (UMA) queries on Aug 26, Oct 20 and Nov 12 before the market regulator resorted to issue a caution notice to investors on Nov 16 following the counter’s incessant rise, plunged 43 sen or 13.92% to RM2.66 with 6.04 million shares exchanged hands.

To re-cap, the share price of the bus operator has skyrocketed from a mere 3.5 sen on March 19 to an all-time high of RM4.05 on Nov 16.

The most unfortunate of the “high flyers” would probably be Samaiden Group Bhd which has in the earlier part of the day, revealed that the company has secured a RM115.6 mil contract to undertake the engineering, procurement, construction and commissioning of a biomass power plant at Teluk Kalong, Terengganu. (Click here for story)

The renewable energy industry player saw its shares edged down 31 sen or 20.67% to close at an intra-day low of RM1.19 with 90.64 million shares traded.

Samaiden which was listed on Oct 15 has seen a spike from its initial public offering price of 48 sen to a high of RM1.67 earlier today.

More broadly, the FBM KLCI closed up 3.73 points at 1,597.48 with the number of losers thumping gainers by 674 to 540.while 444 counters were unchanged..

Trading volume stood at 9.42 billion shares worth RM4.51 bil. – Nov 23,2020

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