By Synergy Group Berhad (Synergy) saw its stock price unexpectedly plummet by 22.5% to RM 1.07 today, prompting a “Unusual Market Activity” (UMA) query from Bursa Malaysia.
Synergy opened this morning flat at RM 1.38 and initially traded within a narrow range of RM 1.39 to RM 1.41. However, towards the end of the session, the stock suddenly experienced a steep decline, dropping all the way to a low of RM 1.02, marking an intraday fall of 36 sen or 26%.
The stock later recovered some lost ground to close at RM 1.07, ending the day down by 31 sen or 22.5%, making it the second largest decliner on the exchange. Trading volume amounted to 7,286,300 shares.
Bursa Malaysia subsequently queried Synergy regarding the significant price drop, seeking clarification on whether there were undisclosed business developments, rumours, or other reasons behind the sharp decline.
The regulatory body also advised investors to monitor Synergy’s response to the UMA query to make informed decisions.
