Yesterday around 5.1 Billion shares being traded in KLCI spurred by penny stocks and the KLCI closed positive +~10 points. I guess it was because DJIA was closing like ~163 points the night before. Hence, the ultra bullishness.
Asiapac itself almost hit 940,884 lot!! (1 lot = 100 shares). However, stocks like IDEAL, IJACOBS (coincidentally both stocks have the word 'IDEAL' in the company name) took a waterfall beating in the afternoon session. Previously, I also notice a fast moving stock called SEAL taking a similar dropdown knee jerk.
Wow. The high volume is really a bad sign of the pending selldown that happened today.
Today, the 3 hottest rocket moving former penny stocks took a nose dive. The news is that certain investment brokerage decided to limit their margin account facilities line on the big players causing them to quickly dump the stocks to recover some money to avoid margin call squeezes.
Then came all the selldown across the board as fear spreads towards penny stocks that had a good run for a few weeks before. Nevertheless, it is like a joke that KLCI managed to edged upwards +6 with ~700 with losses today.
They are SUMATEC, PDZ, MARCO.
Sumatec leads the fall with its share price slid 24% to 46 sen at 4pm on 567.3 million shares changing hands. PDZ, which is rumoured with the emergence of new shareholder, fell nearly 15% to 32 sen with 402.2 million traded. Marco Holdings, which is linked to tycoon Tan Sri Robert Tan Hua Choon, was down 10% to 21 sen.