Bursa top-active stock JAKS falls below RM1

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KUALA LUMPUR (March 12): Bursa Malaysia’s top active stock JAKS Resources Bhd fell as much 16 sen or 15.24% to 89 sen in morning trades today as investors took profit in the builder and property developer’s shares amid a drop in the broader market.

At 10:42am, JAKS cut losses at 92 sen for a market capitalisation of RM599.03 million with some 57 million shares traded. In the broader market, the FBM KLCI was down 15.01 points or 1.04% at 1,428.82.

At a glance, investors have been taking profit after JAKS shares rose to RM1.54 on Feb 21, 2020.

On Feb 27, JAKS, which also generates electricity, reported a net profit of RM17.76 million in the fourth quarter ended Dec 31, 2019 versus a net loss at RM12.45 million a year earlier. 

For the full year, cumulative FY19 net profit rose to RM108.63 million or 17.65 sen a share from RM15.35 million or 2.88 sen a share a year earlier. Its latest reported net assets per share stood at RM1.52.