Short selling of O&G stocks suspended after sharp plunge
KUALA LUMPUR: Bursa Malaysia suspended the proprietary day trading and intraday short selling of multiple oil and gas (O&G) stocks for one day yesterday, after the last done price of the approved securities dropped more than 15% of the reference price.
The counters affected included 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.
Local-listed O&G derivatives fell as much as 90% in early trade yesterday, while O&G stocks were among top actives as shares touched record lows.
This followed the steep fall in oil prices on Saturday and yesterday, as Opec talks to lift oil prices collapsed, resulting in Saudi Arabia planning to flood the oil market and lower prices to position against competitors.
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