KUALA LUMPUR: Shares of Petronas Chemicals Group Bhd (PetChem) fell sharply in morning trade, triggering a suspension of intraday short-selling (IDSS), as crude oil prices retreated.

The stock opened at a three-week low of RM4.90, down 98 sen or 16.7 per cent, before paring losses to RM5.67 as at 9.51am, still lower by 21 sen or 3.57 per cent. A total of 16.23 million shares were traded.

Bursa Malaysia said IDSS for PetChem was suspended for the rest of the day after the stock fell more than 15 per cent from its reference price. Short selling will resume at 8.30am tomorrow.

PetChem had been a key beneficiary of the recent rally in crude oil prices, with its share price nearly doubling in under a month during the spike driven by the US-Iran conflict.

Oil prices fell below US$100 per barrel today after US President Donald Trump said a two-week ceasefire had been agreed with Iran, subject to the immediate and safe reopening of the Strait of Hormuz.

At the time of writing, WTI was down 14.68 per cent at US$96.37 per barrel, while Brent crude stood at US$95.11, down 12.96 per cent.