Short selling of Power Root suspended

As producers of staple products, Power Root will be a potential beneficiary of improved consumer spending.

KUALA LUMPUR: The proprietary day trading (PDT) and intra-day short selling (IDSS) of Power Root was suspended at 9.11am on Monday after its share price fell to a low of RM1.27.

Bursa Malaysia Securities said the PDT and IDSS were suspended at 9.11am for the rest of the day as the last done price dropped more than 15 sen or 15% from the reference price of RM1.51.

The PDT and IDSS activities will only be enabled on Wednesday at 08.30am.

At 9.32am, it was down eight sen to RM1.43 with 1.89 million shares done.

The FBM KLCI lost 6.91 points or 0.38% to 1,790.49. Turnover was 344.83 million shares valued at RM207.11mil. There were 182 gainers, 268 losers and 215 counters unchanged.

Last Friday, Power Root reported net losses of RM9.51mil in the fourth quarter ended March 31, 2018 compared with net profit of RM9.36mil a year ago.

For FY ended March 31, 2018, its net profit was RM9.43mil compared with RM43.52mil in FY17. It proposed a dividend of 0.5 sen a share.