KUALA LUMPUR (Feb 13): Investors shorted 162.34 million shares in MyEG Services Bhd over the past five trading days, amid a heavy selldown that wiped out RM2.61 billion from  the company’s market capitalisation.

MyEG, whose shares declined further to 60 sen on Monday (Feb 13), the lowest since September 2020, saw the highest number of shares sold short on Monday, according to Bursa Malaysia’s data on regulated short selling (RSS).

Some 24.4 million shares worth RM14.6 million were shorted on Monday, accounting for 74.4% of the total short-selling volume of 32.79 million shares in the local bourse.

This marks the fifth consecutive trading day that MyEG has topped the short-selling list.

On Feb 10, investors shorted 91.44 million shares in MyEG, which was equivalent to 88.4% of the total volume on that day. The tranche was valued at RM58.61 million, which accounted for 71.1% of the total short-selling value.

Meanwhile, some 17.69 million MyEG shares worth RM12.79 million were sold short on Feb 9, which accounted for 60.7% of the total short-selling volume of the day. In terms of value, it accounted for 30.8% of total short-selling value.

Some 17.31 million MyEG shares worth RM12.47 million were shorted on Feb 8, while 11.51 million shares worth RM8.43 million were shorted on Feb 7.

Shares in MyEG closed 0.5 sen or 0.82% lower at 60.5 sen on Monday. That counter has declined by 36.65% since its recent peak of 95.5 sen on Feb 3.

At 60.5 sen, the company has a market capitalisation of RM4.52 billion.

MyEG was the most active stock on Bursa Malaysia on Monday, with 217.05 million shares traded.

MyEG shares had succumbed to a heavy selldown on Feb 7,  plunging 26.7% or 25.5 sen to 70 sen — the lowest since November 2020 — following news reports that all immigration services and processes will revert to the Immigration Department by 2025, including those being managed by third parties such as MyEG.

MyEG clarified on the same day that it has not held any meeting with Putrajaya on converging all immigration transactions under the government’s National Integrated Immigration System (NIISe).

Of the nine analysts tracking MyEG shares, seven have issued 'buy' calls, while the others issued 'hold' recommendations for the stock. The average 12-month target price rated by analysts is 91 sen, 33.5% higher than MyEG’s closing price of 60.5 sen on Monday.

Read also:
MyEG tops short selling list past two days, investors shorted 28.8 million shares
EPF, KWAP trim stake in MyEG
MyEG closes at 26-month low on news all immigration services to revert to govt by 2025
MyEG: No meeting held with Putrajaya on reverting immigration services to govt
MyEG buys back two million shares as prices fall to over two-year low
CGS-CIMB sees 17% upside for MyEG even without immigration services revenue