KUALA LUMPUR: Bursa Malaysia Securities Bhd has placed trading curbs on the securities of Icon Offshore Bhd and the Icon ordinary rights with warrants (Icon-OR) due to excessive speculation.
The regulator issued the order on Friday that the securities were deemed as designated securities and this would take effect from 9am on Jan 28, until further notice.
“The decision to designate the securities of Icon and Icon-OR is due to excessive speculation observed in the trading of the securities and has been taken in the interest of ensuring a fair and orderly market, ” it said.
Bursa Securities said with the designation, trading in the counters will require payment upfront before buying and a free balance of securities before selling.
It advised investors their investment decisions should be made on an informed basis, including an assessment of the fundamentals of the company.
At the close of the holiday-shortened trade on Friday, Icon rose 14.5 sen to 81.5 sen with 20.77 million shares done while Icon-OR plunged 30 sen to 39 sen with 899,600 units done.
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