MY EG, George Kent slide early Thursday

KUALA LUMPUR:  Share prices of MY EG Services and George Kent came under renewed selling pressure early Thursday after the one-day lower price limit was lifted for both counters.

This prompted the regulator Bursa Malaysia Securities to suspend the proprietary day trading (PDT) and intra-day short selling (IDSS) for My EG after the shares fell more than 15 sen or 15%.

MY EG fell to a low of RM1.07 and George Kent hit a low of RM1.67.

At 9.13am, MY EG had stabilised and was down eight sen to RM1.19 after the PFT and IDSS were suspended. It was actively traded with 91.17 million shares done.

George Kent was down 18 sen to RM1.76 with 16.11 million shares done.

To recap, Bursa Malaysia Securities froze the lower limit price for MY EG Services and George Kent on Wednesday after  their shares were battered over the past two days.

On Wednesday, Bursa Securities said the lower limit for MY EG was RM1.27 and George Kent at RM1.94. The freeze was due to the counters trading at the static limit down for the two consecutive days.

George Kent is the project delivery partner for the Light Rail Transit from Bandar Utama to Klang. MY EG is connected with the previous ruling party.

Source: The Star

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