KUALA LUMPUR (Aug 10): Shares in IFCA MSC Bhd, which Bloomberg had dubbed the world’s top software stock in April, fell as much as seven sen or 8.54% today to 75 sen apiece, a seven-month low, as foreign funds trim their stakes in the information technology company.

At 4.23pm, the counter regained some losses and was trading at 76 sen, still down six sen or 7.31%, with over 26.32 million shares done, making it one of the most actively traded counter across the bourse today.

At the current price, its market capitalisation stands at RM424.55 million.

The stock has been on a steady decline since July 9, when it was trading at RM1.20. It has since slid some 36.67% to its current price.

A dealer said some foreign institutional funds have been disposing of their shares in IFCA MSC since July 8, when the stock was trading at RM1.10.

"However, retail investors have started to accumulate the shares. Even so, this has not been enough to push up the share price," he added.

Another dealer said IFCA MSC's foreign shareholdings has also declined to 16.55% from 19.42% in April 20.

In its first financial quarter ended March 31, 2015 (1QFY15), IFCA MSC’s net profit came in at RM9.68 million, 23 times its 1QFY14 net profit of RM421,000. Revenue also grew to RM31.98 million from RM13.69 million previously.

Its overseas business revenue for the quarter grew 32% to RM5.2 million, while its business in Malaysia grew 143 times to RM30.1 million.

The group has RM30.5 million in unbilled projects as at March 31, 2015.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)