KUALA LUMPUR (Dec 23): Pan Malaysia Holdings Bhd erased gains after rising as much as 11% as investors took profit from the stock's recent advance.
Hotel and financial services entity Pan Malaysia has been in the spotlight after YNH Property Bhd chairman and executive director Datuk Dr Yu Kuan Chon proposed to acquire a 69.19% stake in Pan Malaysia for RM77.12 million.
Pan Malaysia's shares were down one sen or 2.3% at 42.5 sen at 10.44am. A total of 19.57 million shares were traded.
It was the seventh most active stock on the exchange. For comparison, the FBM KLCI rose 5.91 points or 0.34%.
Earlier, Pan Malaysia rose as much as five sen to 49 sen.
Last Thursday, Bursa Malaysia queried Pan Malaysia on the recent hike in price and volume of its shares.
Pan Malaysia had told the exchange regulator it was aware Dr Yu's acquisition of a controlling stake in the company might have led to the stock's price and volume increases.
The Edge Research has identified Pan Malaysia a stock with momentum based on algorithm.
Edge Research wrote in a report that Dr Yu was said to be upbeat on the prospect for Pan Malaysia's stock brokerage arm despite stiff competition.
Edge Research's report is published in The Edge Financial Daily and theedgemarkets.com today.
Edge Research has assigned a fundamental score of 0.4 out of 3 for Pan Malaysia.
The score is a composite measure of a company's balance sheet's strength and profitablity. A score of 3 is the best while 0 is the worst.