Interview VisDynamics says CEO did not sell shares to cause stock plunge

by **Cals** Tue 29 Apr 2014, 22:22

Interview VisDynamics says CEO did not sell shares to cause stock plunge

Business & Markets 2014

Written by Jeffrey Tan of theedgemalaysia.com

Tuesday, 29 April 2014 14:30

KUALA LUMPUR (Apr 29): VisDynamics Holdings Bhd’s executive director and CEO Choy Ngee Hoe, a major shareholder of the firm, did not sell his stake today or yesterday to cause a plunge in the share price, said a company executive today.

“Choy did not trade at all. It is the doing of a third party (outside the company),” the spokesperson for VisDynamics told theedgemalaysia.com over the telephone.

The semiconductor specialist firm came into focus yesterday after its shares hit limit down and was subsequently slapped with an unusual market activity (UMA) query by Bursa Malaysia.

In reply to the UMA query, VisDynamics said it was unaware of any corporate development, rumour or report that might have contributed to the UMA.

This morning, the stock continued its plunge to hit another limit down. The share price had fallen by as much as 64% to hit a low of 17 sen, before recouping some losses.

At midday break, VisDynamics lost 20 sen or 42.5% to 27 sen. The eighth top decliner saw trades of some 74.5 million shares.

SJ Securities’ senior remisier Goh Kay Chong said: “The stock could have been played by the same players as three to four other stocks were also pinned with UMA queries by Bursa yesterday.”

Kenanga Research, in a note, said VisDynamics would see immediate technical support and resistance levels at 47 sen and 78 sen respectively.