KUALA LUMPUR: Short-selling of shares in Power Root Bhd
has been suspended by Bursa Securities after its share worth plunged as a lot as 27 sen or 15.98% to RM1.42 a share in intra-morning commerce.
As at 11.45am, the inventory was buying and selling 14 sen or 8.28% under the reference worth at RM1.55 a share, which represents a two-week low.
The firm warrants had been down three sen or 13.04% to 20 sen a unit.
Under Bursa laws, short-selling beneath PDT and IDSS is suspended in the occasion the counter drops greater than 15% from the reference worth.
According to the inventory alternate operator, short-selling of the inventory shall be allowed to resume on the next buying and selling day on Monday, May 30, 2022, at 8.30am.
The purpose for the sharp decline in share worth was not instantly clear .
In a Thursday submitting with Bursa Malaysia, it was confirmed that Kumpulan Wang Persaraan (Diperbadankan) (KWAP) had upped its stake in Power Root to 6.198% direct holding and 0.71% oblique holding.
Earlier filings with the inventory alternate present that the general public companies pension fund had been rising its stake in the corporate during the last month.
On April 25, KWAP’s curiosity in Power Root stood at 6.146% direct stake and a 0.364% oblique stake.
Power Root closed at a one-year excessive of RM1.69 a share in the earlier session, having rallied about 36% since March 9.
