KUALA LUMPUR (May 19): Malakoff Corp Bhd share price drops below its initial public offer price of RM1.80 as its trading volume shrinks.
As at 3.40pm, the stock is trading at RM1.75, down four sen, or 2.22%, with 54.5 million shares changing hands. The trading volume is substantially lower compared with its maiden trading day last Friday with over 300 million shares traded.
In a note today, Public Investment Bank research said that the performance of Malakoff shares was lukewarm last Friday as well, due to heavy selling pressure.
However, it believes that the “knee-jerk” reaction is temporary, and maintains its “Outperform” call on Malakoff with a target price of RM2.18.