Shares of JCY International Bhd fell to its lowest since listing to RM1.32 in late afternoon on Thursday, July 29 in very active trade.
At 3.35pm, it was down four sen to RM1.32 with 13.2 million shares done. Its highest was RM1.98. It was listed on Feb 25 at an offer price of RM1.60. Since then, its share price is down 28 sen or 21%.
In a report issued on July 20, CIMB Equities Research had a Sell on JCY at RM1.48, based on its technical charts.
"The stock has fallen back to its debut price after hitting a high of RM1.98. The pullback has been severe and does not look like a correction. We expect further price weakness in the medium term as it is now forming a bearish flag pattern," it said on July 20.
CIMB Research said a break below the RM1.44 would signal that prices are heading lower towards RM1.30, based on the height of the flag. There is also a good chance that it could even drop below RM1.30.
JCY manufactures hard disk drive mechanical components.
Written by Joseph Chin
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