KUALA LUMPUR (Aug 6): Ni Hsin Resources Bhd reversed its earlier loss and was flat at the midday break today, in line with the FBM KLCI clawing back to erase most of its loss.
At the midday break, Ni Hsin was flat at 16.5 sen, giving it a market capitalisation of RM53.05 million.
Earlier this morning, the stock fell to a low of 15.5 sen, tracking the sharp fall at Bursa Malaysia and regional markets.
However, the FBM KLCI recovered most lost ground and was down 0.07 points at 1,610.34 at the midday break. The index had earlier slumped to a low of 1,588.98.
Yesterday, the firm said it had inked an exclusive distributorship agreement (EDA) with Japanese kitchen cookware manufacturer Wonder chef Co Ltd to market the latter's products in the Asean market.
Ni Hsin said its unit Ni Hsin Corp Sdn Bhd had entered the EDA to particularly market woks and pressure cookers.
It said Wonder chef's products are sold in numerous Japanese departmental stores and general merchandising stores, as well as via television shopping to reach out to a wider consumer group.