KUALA LUMPUR (Feb 7): The unusual trading patterns of China Automobile Parts Holdings Ltd shares today could be due to weaker sentiment across the broader market, the company said in a response to Bursa Malaysia's query.
China Automobile which saw its shares tumbled as much as 17% in intraday trade, said other than broader market dynamics, the company is unaware of any developments in the firm which might have led to the trading patterns of its shares.
“The company further advises that it is not aware of any negative news which may affect the company’s business performance.
“In addition, the company is of the view that the fall in the company’s share price may have been due to the recent poor market sentiment of the local bourse,” China Automobile said.
At 5pm, China Automobile fell 6.5 sen or 13% to close at 45.5 sen with some 50 million shares done, making the stock the second most actively-traded entity across the bourse.
The stock had earlier tumbled as much as nine sen to 43 sen, its lowest since the company’s debut on the Malaysian exchange about a week earlier.
China Automobile had an impressive performance during its listing on January 30 this year when the stock surged as much as 88% to RM 1.28 on its maiden trading day before closing at 78 sen. The stock was listed at 68 sen each.