Shares in MyEG Services Bhd returned to positive trading on Wednesday, recovering from a 26-month low recorded on Tuesday.
It was also the most actively traded counter for the second consecutive day with about 80.32 million shares changing hands at the opening of trading this morning.
The price also rose 4.3% or 3 sen to 73 sen.
This increase follows the buyback of 2 million shares by the company in the open market at RM1.44 million or 71.5 sen per share.
Earlier, MyEG plunged significantly by 31.41% to the lower limit of 65.5 sen per share following the surprise announcement by the Immigration Department on Monday.
All matters related to the immigration process, including those currently handled by external parties such as MyEG will be fully returned to the Immigration Department by 2025.
This follows the introduction of the new National Integrated Immigration System (NIISe) which will be used for all future immigration services and processes.
Affin Hwang Investment Bank analysts expect MyEG to lose 20% of its revenue following the new move.
