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: 3

O&G , short selling , Sapura Energy , Velesto


Did you find this article insightful?


83% readers found this article insightful

Next In Business News

Tesla FOMO fires up Wall Street’s $300b custom-index boom
At-home shoppers drive record online sales
BoE's Haldane sees inflation risks as economies bounce back
Windfall tax on glove makers will send wrong signal to investors: Zafrul
Facebook’s AI mistakenly bans ads for struggling businesses
CPO futures to trade in yo-yo mode next week
More than just painting the town red
Jobs in the new normal
GLOBAL LNG-Asian spot prices rise on oil surge and heating demand
Airbus re-sells six unwanted jets built for AirAsia

Stories You'll Enjoy