Swift Haulage recovers in active trading

Swift Haulage recovers in active trading
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KUALA LUMPUR (Dec 29): Newly listed Swift Haulage Bhd recovered some lost ground in heavy trading on Bursa Malaysia on Wednesday (Dec 29).

The counter stood at 98.5 sen at 3.30pm, up 3.5 sen or 3.68%, giving a market capitalisation of RM876.46 million.

The integrated logistics service provider, which was listed on the Main Market on Dec 21, saw 89.1 million shares change hands.

Swift Haulage shares ended their maiden day of trading at 96 sen, a discount of seven sen or 6.8% to the initial public offering (IPO) price of RM1.03.

Since then, the share price has stayed below the IPO price, falling to as low as 92.5 sen.

It saw two rounds of stabilising action on Dec 21 and Dec 23.

The stabilising manager, AmInvestment Bank Bhd, purchased 3.9 million shares at an average price of 97.72 sen on Dec 21, and 4.48 million shares at an average price of 94.03 sen on Dec 23.

A stabilising action is an immediate purchase of shares in a newly listed company by its underwriters to stabilise or support the share price when it is unstable.

S Kanagaraju