Zetrix AI shares surge over 20pct in second day of rebound
KUALA LUMPUR: Zetrix AI Bhd rose more than 20 per cent in early trade, extending its recovery for a second day after rebounding yesterday from heavy selling pressure that battered the stock for much of the week.
KUALA LUMPUR: Zetrix AI Bhd experienced a more than 20% increase in early trading, marking its second day of recovery. The stock, which had previously plummeted due to heavy selling pressure throughout the week, saw its price surge to RM29 sen from its Thursday closing price of RM24 sen. Over 520 million shares changed hands, valuing Zetrix at RM1.73 billion.
Despite this rebound, the company's shares remain down 66.46% year to date. The stock initially hit a 12-year low of 22 sen on Tuesday, marking the third consecutive day of significant losses. Selling intensified on Wednesday, but investors seemed to take notice by Thursday, with Zetrix rebounding by 9.09%. Speculation linked the company to former human resources minister Datuk Seri M Saravanan, who faced corruption charges on August 28 involving RM1.097 million.
Zetrix denied any involvement in the matter. Bursa Malaysia issued a market activity query to the company on August 28 following its sharp decline, and Wong Thean Soon, the managing director and largest shareholder, sold shares on the same day as the stock continued to drop.
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