MyEG, George Kent tumble further

May 17, 2018 | By | Reply More

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PETALING JAYA: Share prices of My E.G. Services Bhd (MyEG) and George Kent (M) Bhd continued to tumble today, after lower price limits for both stocks were lifted after a day.

As at 12.30pm, MyEG had fallen 13.39% to RM1.10 with 230.44 million shares done, while George Kent dropped 14.95% to RM1.65 with 4.77 million shares changing hands.

Both stocks have seen heavy selling pressure since market opened after a stunning victory by Pakatan Harapan at the polls last Wednesday. George Kent has lost 58% of its share value, while MyEG has lost 57% of its value for perceived links to the previous government which is currently the subject of investigations.

Bursa Securities froze the lower limit price for MyEG and George Kent yesterday, following the sharp fall of the companies’ share prices in the first two days of the week. Bursa Securities had set the lower limit for MyEG at RM1.27 and George Kent at RM1.94.

The moves prompted Bursa Securities Malaysia to suspend proprietary day trader (PDT) and intraday short selling (IDSS) activities for My E.G. Services Bhd (MyEG) and George Kent (M) Bhd for the rest of the day.

Bursa Malaysia Securities said the suspension took effect at 8.30am as the last done price of the approved securities dropped more than 15 sen/15 % from the reference price.

“The PDT and IDSS activities will only be enabled the following trading day, that is Friday, at 8.30am,” it said.

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