Zetrix AI plummets 50%, Bursa issues UMA query
The technology stock hit limit down after tumbling 30 sen to 29.5 sen.
Zetrix AI's stock price plummeted by 50% on today's trading session, resulting in a sharp decline of nearly RM2.4 billion in market capitalisation. The share price dropped to 29.5 sen, down from the previous level of 30 sen. Bursa Malaysia Securities suspended intraday short-selling of the stock for the remainder of the day due to the dramatic price drop.
The company now has a market valuation of RM2.38 billion, marking a 65% year-to-date decrease in value. Zetrix AI was the most actively traded stock on Bursa, with 922.6 million shares traded during the midday break, representing nearly 15 times the trading volume of the second-most active stock. Bursa issued a UMA (Unusual Market Activity) query to investigate the sudden share price decline and the unusually high trading volume.
The regulator requested the group to inquire with its board, major shareholders, and relevant personnel to provide explanations for the unexpected trading activity. Zetrix AI, formerly known as MyEG Services Bhd, has not yet responded to Bursa's UMA query. The reasons behind the sudden share price collapse remain unclear, although investors had started reducing their holdings in the company the previous day as the stock lost nearly 10% of its value.
Zetrix AI recently reported a 35% increase in its second-quarter net profit, driven by strong performance from its AI platforms, Web3 application services, and sales of Zetrix blockchain nodes and tokens. However, the reasons for the current share price slump remain a mystery to investors.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
