KUALA LUMPUR (July 7): Bursa newcomer Xin Hwa Holdings Bhd’s share price reached a new intraday high of 96 sen per share today, equivalent to an increase of 9.1% from yesterday’s close.

As at 3.49pm today, it pared gains to trade at 94 sen apiece, up six sen or 6.82%, with 16.17 million shares done.

The integrated logistic service provider was listed on the Main Market of the local exchange last Tuesday (June 30) with an initial public offering price of 70 sen per share.

The counter had made a strong debut on its first day of trading, rising as high as 28.6% to peak at an intraday high or 90 sen per share, and closed at 86 sen apiece, increased 16 sen or 22.9%.

Xin Hwa was the most actively traded counter across the market that day.

After the listing ceremony, managing director Ng Aik Chuan had told media that he was optimistic of maintaining a double digit net profit growth even though Xin Hwa’s five-year tax allowance would expire on March 17 next year.