Market Turbulence: S P Setia Faces Legal Battle, Guan Chong Bounces Back

Wednesday’s trading on Bursa Malaysia saw significant volatility as shares of S P Setia Bhd and Guan Chong Bhd experienced contrasting movements.

S P Setia‘s stock plummeted after the company launched legal action against former executives, while Guan Chong rebounded after a sharp sell-off earlier in the week.

Market Turbulence

These developments highlight the ongoing challenges and Shares of S P Setia Bhd (KL:SPSETIA) plummeted up to 15.7% to a five-month low on Wednesday afterwords the company initiated legal action against former senior management and a director for alleged breaches of duty.

The stock hit an intraday low of RM1.07 and was down 19 sen or 14.96% at RM1.08 by 4:24 pm, with 50.3 million shares traded. Its market value stood at RM5.25 billion, making it one of the top 20 biggest losers on Bursa Malaysia. The sharp decline led Bursa to suspend intraday short-selling (IDSS) for the remainder of the day.

Guan Chong Bhd

Guan Chong Bhd (KL:GCB) shares rebounded on Wednesday following Tuesday’s sharp sell-off, which erased RM522.2 million in value. The cocoa grinder’s stock surged up to 7.6%, reaching an intraday high of RM3.10 before settling at RM2.94, up six sen or 2.08% from the previous close.

On Tuesday, the stock plunged 14% to close at RM2.88, its lowest since May 3 this year. At Wednesday’s closing, Guan Chong’s market capitalisation stood at RM3.45 billion, with 12.3 million shares traded.

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