KUALA LUMPUR: Zetrix AI Bhd hit limit down in morning trade after plunging 30 sen or just over 50% of its value to 29.5 sen a share, prompting Bursa Securities to suspend intraday short-selling (IDSS) of the stock.
As at 11.08am, the trading stock of the digital services firm registered 749 million shares changing hands, making it the top traded counter on Bursa Malaysia with about 13 times the volume of the next most-active share.
Short-selling under IDSS has been suspended for the rest of the day due to the breach in price limit and will be reactivated on the next trading day (Tuesday, Sept 1) at 8.30am.
There has been no official reason as to the sudden breakdown in the share price, although investors had begun reducing their holdings in the share since yesterday when it lost nearly 10% of its value under heavy selling pressure.
On Aug 24, Zetrix announced a 35% year-on-year increase in net profit to RM269.25mil in the second quarter of the year, driven by contributions from its AI, Web3 and blockchain businesses. It declared an interim dividend of 0.25 sen.
According to a post-results analysis by BIMB Securities on Aug 26, Zetrix's growth prospects remained supported by the expansion in Malaysia-China trade, with trade with China rising 24.3% y-o-y to RM127.9bil in 7M26.
"As its blockchain-related revenue scales with trade-linked transactions, continued growth in bilateral trade flows should drive higher platform utilisation and recurring revenue," it said.
The research firm maintained its "buy" call on the stock with an unchanged target price of RM1.30.
Zetrix AI, formerly known as MyEG Services Bhd
, underwent a name change in July 2025 as it pivoted its business focus to advanced technologies like AI, blockchain and robotics.
The company, via its MYEG platform, continues to offer services that include auto insurance and documentation as well as foreign worker and maid applications.
