KUALA LUMPUR: Selling pressure on MMAG Holdings Bhd intensified for a fourth straight session, driving the counter to its lowest level in nearly two years.
The ACE Market stock tumbled as much as 32 per cent to 9.5 sen in early trade, a level last seen on Feb 7, 2024, before paring some losses.
By 10am, MMAG was down 28.57 per cent at 10 sen, with 87.24 million shares changing hands in one of its busiest trading days this year.
It was the second most actively traded stock in the morning session.
The sharp selldown follows an unusual market activity (UMA) query by Bursa Malaysia Securities Bhd on Monday after the stock plunged as much as 30 per cent to 16 sen, triggering a limit-down.
In response, MMAG said it was unaware of any corporate development or explanation that could account for the price swing.
On the same day, the group announced the resignation of executive director Chin Boon Long, who stepped down to “pursue personal commitments”. He was replaced immediately by Datuk Kevin Jit Singh Ragbir Singh.
Meanwhile, market jitters spilled over to MMAG’s Main Market associate NexG Bhd, which holds more than nine per cent in the group.
NexG, the third most actively traded stock behind MMAG, slid almost four per cent to 27 sen in early trade, with over 25 million shares exchanged, extending its losing streak to a third day.
It also faced a UMA query after tumbling as much as 31.43 per cent yesterday to an intraday low of 24 sen.
© New Straits Times Press (M) Bhd
