{
  "id": 13863616,
  "title": "Genting shares hit limit down, prompt IDSS suspension",
  "url": "https://urgent.news/2026/10/12/genting-shares-hit-limit-down-prompt-idss-suspension",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-12T03:42:33.000Z",
  "source": {
    "name": "New Straits Times",
    "slug": "new-straits-times",
    "url": "https://www.nst.com.my/business/corporate/2026/10/1553535/genting-shares-hit-limit-down-prompt-idss-suspension"
  },
  "original_language": "en",
  "account": "Genting Bhd's shares plummeted to the limit down on Monday, triggering Bursa Malaysia to suspend intraday short-selling (IDSS) for the remainder of the trading day. By 11:26 am, the stock had plummeted by 30 sen, or 15.97%, to RM1.58.\n\nBursa Malaysia confirmed the suspension, stating the last traded price of the Approved Securities had fallen more than 15% from the reference price. Short selling under IDSS would resume tomorrow at 8:30 am.\n\nThe decline occurred after Genting announced its intention to raise RM1.25 billion via a rights issue. The funds would be used to repay RM800 million of short-term borrowings and cover working capital needs. CIMB Securities Sdn Bhd noted that, given a one-for-four rights issue at RM1.30 per share, the theoretical ex-rights price would be RM1.75 based on the five-day volume-weighted average price to the previous Friday. The firm holds a \"hold\" rating on Genting, maintaining the same target price for now, but anticipates a negative market reaction pending the finalization of the rights issue details.",
  "summary": "KUALA LUMPUR: Genting Bhd’s shares hit the limit down on Monday, prompting Bursa Malaysia to suspend the intraday short-selling (IDSS) of the stock for the rest of the day today.",
  "key_points": [
    "Genting shares hit limit down, triggering IDSS suspension",
    "Shares plummeted 15.97%, closing at RM1.58",
    "Rights issue of RM1.25 billion announced"
  ],
  "editors_take": "The sudden drop following the announcement of a massive rights issue signals investor discomfort with the company's plan to use new equity to settle existing short-term debts.",
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "South China Morning Post",
        "title": "Shares in Malaysia’s Genting tumble by most in 28 years",
        "url": "https://urgent.news/2026/10/12/shares-in-malaysias-genting-tumble-by-most-in-28-years",
        "published": "2026-10-12T04:09:16.000Z"
      },
      {
        "outlet": "VnExpress Business",
        "title": "Shares of Malaysian billionaire Lim Kok Thay's Genting slump to near 2-decade low",
        "url": "https://urgent.news/2026/10/12/shares-of-malaysian-billionaire-lim-kok-thays-genting-slump-to-near-2",
        "published": "2026-10-12T07:17:08.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}