KUALA LUMPUR (Aug 23): Advance Information Marketing Bhd (AIM) is a major loser on Bursa Malaysia today, trading 35.6% or 18 sen lower at 32.5 sen in the afternoon.

The counter saw 78.72 million shares traded. 

AIM’s shares have seen meteoric gains since Aug 12. Between Aug 12 and 18, it gained by more than 2.5 times to hit a record high of 82 sen on Aug 18. 

Prior to its surge in share price recently, AIM had been trading between 24 sen and 34.5 sen.

However, the rally did not last long and the counter started to pare its gains after the record high on Aug 18. 

Initially, the decline was small, with the stock easing 1.5 sen to close at 80.5 sen on Aug 19. But the selling pressure was strong following that, dragging the counter 37% or 50.5 sen lower last Friday (Aug 20).  

For the first quarter ended March 31, 2021, AIM recorded a smaller net loss of RM663,000 from a net loss of RM1.05 million a year earlier. Revenue slipped 6% to RM3.04 million from RM3.25 million.

The company said the smaller net loss was due to a one-off payment for legal fees incurred on a material litigation that amounted to RM270,000 as well as a decrease in operating expenditure.