Eye on stock: Sedania Innovator

SHORTLY after its maiden listing on the ACE Market on June 29, 2015, Sedania Innovator Bhd (Sedania; Code: 0178) staged a rally, lasting almost a month, thus pushing the shares to an all-time high of 66 sen. Thereafter, prices slipped into correction mode owing to a bout of apparent profit-taking activity.

Initially, it was viewed as a healthy process but later turned ugly, as persistent selling pressured this stock and subsequently, Sedania shares dropped below their initial public offer price of 38 sen on Nov 27, 2015.