SCIB

SCIB Stock Plummets: Short Selling Suspended, Shares Hit Limit Down

SCIB's shares take a nosedive as short selling is suspended and limit down is reached - what's next for the company? Find out more here!

Bursa Malaysia has taken a drastic step by suspending the short selling of Sarawak Consolidated Industries Bhd (SCIB), causing a stir in the stock market. This suspension includes other companies like Jentayu Sustainable Bhd (JSB) and APB Resource, raising concerns and questions among investors. The consecutive days of short selling suspension in SCIB have led to a significant drop in the company's share price, with a staggering 35.93% plunge, leaving shareholders reeling. With shares hitting limit down for the second day in a row, the future of SCIB remains uncertain as market volatility continues.

SCIB's rollercoaster ride saw a 30-month high quickly followed by a 55.04% drop, highlighting the extreme fluctuations in the stock market. Despite the turbulence, SCIB's subsidiary, SCIB Industrialised Building System Sdn Bhd, secured a massive RM97.7 million contract with University Malaysia Kelantan, showcasing the company's resilience amidst market challenges. Furthermore, SCIB is exploring potential land acquisition in Sarawak, hinting at strategic expansion plans despite the recent setbacks. As SCIB's shares take another hit with a 36% plunge, the company faces intense scrutiny and pressure to stabilize its position in the stock market.

In the midst of the stock market chaos, SCIB's drastic share price fluctuations have captured the attention of investors and analysts alike, underscoring the unpredictable nature of investment. The suspension of short selling and consecutive limit downs reflect the challenges faced by companies in the current economic climate, emphasizing the need for strategic decision-making and risk management. As SCIB navigates through these turbulent times, all eyes are on the company's resilience and ability to bounce back from the recent setbacks.