KUALA LUMPUR: Market debutants usually steal the spotlight on their first day, but Guan Huat Seng Holdings Bhd found itself edged out of centre stage, finishing only eighth on Bursa Malaysia's most active list.
This was amid a flurry of director dealings, fund portfolio rebalancing and news-driven trades elsewhere on the market, including the likes of Velesto Energy Bhd, SMRT Holdings Bhd and Nationgate Holdings Bhd.
Guan Huat Seng briefly brushed the top spot minutes after the opening bell, before heavier trading in other counters pushed it down the rankings, a rare showing for a fresh listing that typically dominates volume charts on debut.
First-day volumes on the ACE Market are often inflated by low issue prices and heavy retail participation, with popular or oversubscribed listings frequently recording turnover above 100 million shares.
Guan Huat Seng, whose initial public offering was oversubscribed by 4.78 times, ended its first trading day with about 31.25 million shares changing hands.
Stealing the limelight at 5pm was Velesto Energy Bhd, which topped the most active list after more than 130 million shares changed hands.
The surge followed recent share acquisitions by substantial shareholders Aberdeen Group Plc and the Employees Provident Fund (EPF), which together bought 6.83 million shares between Jan 16 and Jan 19, according to filings with Bursa Malaysia.
Velesto's shares, which closed at 28 sen and 27.5 sen on those dates, have since climbed four sen, or 14.55 per cent, to 31.5 sen.
SMRT came in second, drawing nearly 97 million shares in volume after the stock rebounded from sharp losses earlier in the week.
The education, training and technology services group clarified that its contracts with Tenaga Nasional Bhd (TNB) remained intact, days after its market capitalisation more than halved on Monday.
The volume surge marked SMRT's highest in almost three years, following a five-year high on Jan 19 after Hong Leong Investment Bank reportedly downgraded the stock over concerns of a potential revenue hit linked to TNB.
At third place, NationGate saw trading volume jump to a six-month high, with more than 77 million shares changing hands after the company said it had been cleared by the Inland Revenue Board of an investigation into its scrap metal activities.
In a filing with Bursa Malaysia, the company said it received a notification from the tax authority on Jan 20, marking the conclusion of the probe that was conducted alongside the Malaysian Anti-Corruption Commission.
Press Metal Aluminium Holdings Bhd ranked fourth following a series of share transactions by EPF, which holds a 5.34 per cent stake in the aluminium producer.
Other counters that outpaced Guan Huat Seng on its debut day included Zetrix AI Bhd and Tanco Holdings Bhd, where director dealings fuelled trading interest.
IJM Corp Bhd also remained actively traded as investors continued to track developments surrounding Sunway Bhd's takeover bid and an ongoing probe into alleged money-laundering-related activity.
By the close, all but two of the eight most actively traded stocks ended higher.
Guan Huat Seng slipped two per cent, while Zetrix eased 0.61 per cent, with gains across the active counters capped by Nationgate's 19 per cent rally.