Mega Fortris shares plunge again, short-selling suspended for second straight day
KUALA LUMPUR: Mega Fortris Bhd shares plunged more than 15 per cent in morning trade on Thursday, triggering a suspension of intraday short selling (IDSS) in the counter for the second consecutive day.
KUALA LUMPUR - Shares of Mega Fortris Bhd plummeted over 15 percent in early trading on Thursday, prompting a halt to intraday short selling for the second straight day. The security seals manufacturer's stock started at RM2.55, up slightly from Wednesday's close of RM2.54. It briefly rose to RM2.62, but then plummeted to a low of RM2.13, a 16.14 percent drop.
By 12:04 PM, the shares were trading at RM2.16, down 14.96 percent. Approximately 7.86 million shares changed hands. Due to the significant price decline, short selling was suspended for the rest of Thursday. Short selling will resume on Friday at 8:30 AM, according to Bursa Malaysia Securities Bhd. The market downturn also affected other companies linked to Mega Fortris chairman Datuk Ng Meng Kee.
GIIB Holdings Bhd and Ni Hsin Group Bhd experienced declines, with GIIB falling 19.28 percent from RM41.5 to RM33.5 and Ni Hsin falling 17.31 percent from RM26 to RM21.5. All three companies have seen sharp declines since late October, with heavy selling continuing this week.
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