Press Metal, Hap Seng Consolidated among top KLCI decliners amid broader market selling

KUALA LUMPUR (March 13): Press Metal Aluminium Holdings Bhd led decliners in percentage terms among the FBM KLCI’s 30 stocks at Bursa Malaysia’s afternoon break today after the stock settled down 64 sen or 14.78% at RM3.69 as concerns over the Covid-19 pandemic and lower crude oil prices led to selling across the broader market.

At 12:30pm, Press Metal saw some six million shares traded. At RM3.69, the company has a market capitalisation of RM14.94 billion.

The counter had earlier today declined as much as 73 sen or 16.86% to RM3.60.

Across the broader market at 12:30pm, the KLCI settled down 89.11 points or 6.28% at 1,330.32.

Press Metal’s share price drop caught Bursa Malaysia’s attention.

"Please be informed that short selling under PDT (proprietary day trading) and IDSS (intraday short selling) for stock PMETAL (8869) has been suspended for the rest of the day as the last done price of the approved securities dropped more than 15% from the reference price. The short selling under PDT and IDSS will only be activated the following trading day, Monday, 16 March 2020 at 08:30 am,” Bursa said in a special announcement today.

Today, major decliners include Hap Seng Consolidated Bhd after the stock declined RM1.20 or 13.95% to RM7.40 at 12:30pm for a market capitalisation of RM18.65 billion.

Hap Seng Consolidated saw 667,400 shares traded.