Short selling of O&G stocks suspended after sharp fall

KUALA LUMPUR: The short selling activities of multiple oil and gas stocks has been suspended for the rest of the day following a sharp plunge in the share price.

Bursa Malaysia has suspended the proprietary day trading (PDT) and intraday short selling (IDSS) of multiple oil and gas stocks for one day this morning, after the last done price of the approved securities dropped more than 15% of the reference price.

The affected counters include Dayang Enterprise Holdings Bhd, Velesto Energy Bhd, Hibiscus Petroleum Bhd, Bumi Armada Bhd, Serba Dinamik Holdings Bhd, Dialog Group Bhd, Coastal Contracts Bhd, Wah Seong Corp Bhd, and Muhibbah Engineering (M) Bhd.

The short selling under PDT and IDSS will only be activated the following trading day, Tuesday, March 10 at 08:30 am.

Brent crude, the international benchmark, dropped from to US$31.02 a barrel in one of the biggest one-day drops in its history. US benchmark West Texas Intermediate fell to a low of US$30 a barrel.

The steep drop for oil prices sent oil and gas counters lower on Bursa Malaysia.

Sapura Energy Bhd is the most actively-traded stock this morning. The counter down 31.25%, or fivesen to 11 sen with 348.57 million shares traded.

Velesto halved at 15 sen, with 235.53 million shares exchanging hands.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 0
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

O&G , short selling , Sapura Energy , Velesto


Next In Business News

CPO futures likely to trade with downward bias next week
Rupee erases gains on banking worries
MSMEs still at early stage of digitalisation
The global game of ChessGo
Banks remain on the radar
KAB looking to boost earnings via PetGas sustainable energy JV
Are our banks safe?
Vivek Sood appointed as Axiata CEO, MD
Fed’s dovish slant forecast to buoy the ringgit
Short Position: Break-up pays, Hap Seng's RPT

Others Also Read