Brokers demand cash upfront from investors for these stocks
Brokers demand cash upfront from investors for these stocks
KUALA LUMPUR (July 1): Brokers are demanding cash upfront for the purchase of several stocks, namely Artroniq Bhd (KL:ARTRONIQ) and its warrant Artroniq-WA, APB Resources Bhd (KL:APB), Notion VTec Bhd (KL:NOTION) and its warrant Notion-WD, as well as YNH Property Bhd (KL:YNH).
“Effective June 28, there will be a suspension of share buying for the following counters: Artroniq, Artroniq-WA, APB, Notion, Notion-WD,” Apex Securities informed its clients in a note. Clients will be temporarily prohibited from buying these shares unless they have the full cash amount available in their accounts at the time of the transaction, said the broker.
Likewise, Kenanga Investment Bank and CGS International implemented cash upfront requirements for these stocks starting Monday. Kenanga said the cash upfront requirements were imposed for non-margin accounts.
During Monday's noon break, the shares of APB Resources, Notion VTec (including its warrant), and YNH Property Bhd declined.
APB Resources dropped six sen or 3.45% to RM1.68, translating into a market capitalisation of RM189.63 million. YNH Property, which is linked to prominent investor Datuk Dr Yu Kuan Chon, fell 1.5 sen or 2.75% to 53 sen, giving the company a market value of RM277.82 million.
Notion VTec, meanwhile, decreased five sen or 2.44% to RM2, giving it a market value of RM1.04 billion Its warrant Notion-WD slipped five sen or 2.82% at RM1.72.
Artroniq rose half a sen or 2.56% to 20 sen, giving it a market value of RM79.55 million. The counter just hit a low of 19.5 sen on June 28. Its warrant Artroniq-WA was unchanged at four sen on Monday.
While Notion VTec has been on an uptrend, Artroniq, APB Resources, and YNH Property faced heavy selling pressure earlier this year.
Artroniq's share price has fallen over 77% since the start of the year, while APB Resources declined more than 35%, hitting a low of RM1.66 on Jan 7.
YNH Property, which is facing delays in the sale of its 163 Retail Park and a 5.098-acre freehold land in Desa Sri Hartamas to Sunway Group, has seen its share price tumble over 86%.
Notion VTec was just flagged for unusual market activity by Bursa Malaysia last month after its share price surged to RM1.98, which was at the time the highest level seen since April 2010, pushing its YTD increase then to 590%.
In response, Notion VTec attributed the surge to strong financial recovery, a sector turnaround, and a positive analyst outlook.