Zetrix AI hits limit down to 29.5 sen/share
Zetrix AI shares plummeted by over 50% on the Bursa Malaysia, triggering an automatic suspension of intraday short-selling. Despite strong recent earnings and positive analyst outlooks, the stock experienced a massive sell-off with no immediate official explanation.
Why it matters
The sudden collapse of a high-profile tech stock highlights the volatility in emerging AI and blockchain-focused firms in the Asian market.
KUALA LUMPUR: Zetrix AI Bhd hit limit down in morning trade after plunging 30 sen or just over 50% of its value to 29.5 sen a share, prompting Bursa Securities to suspend intraday short-selling (IDSS) of the stock.
As at 11.08am, the trading stock of the digital services firm registered 749 million shares changing hands, making it the top traded counter on Bursa Malaysia with about 13 times the volume of the next most-active share.
Short-selling under IDSS has been suspended for the rest of the day due to the breach in price limit and will be reactivated on the next trading day (Tuesday, Sept 1) at 8.30am.
There has been no official reason as to the sudden breakdown in the share price, although investors had begun reducing their holdings in the share since yesterday when it lost nearly 10% of its value under heavy selling pressure.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in