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.