Bursa says Southern Steel PDT, IDSS suspended

TheEdge Fri, Nov 30, 2018 11:35am - 5 years View Original


KUALA LUMPUR (Nov 30): Bursa Malaysia has suspended the proprietary day trading (PDT) and intraday short selling (IDSS) of Southern Steel Bhd shares.

In a filing today, Bursa said the suspension came after the last done price of the stock dropped more than 15 sen or 15% from the reference price.

Hence, the stock exchange said PDT and IDSS activities for the counter will only be enabled next Monday (Dec 3).

Yesterday the steel manufacturer said higher material and energy costs melted 96.7% of its earnings in the first quarter ended September. It reported a significantly lower net profit of RM1.79 million for the quarter compared to RM53.42 million in the same quarter last year.

This was despite a 3.3% growth in its revenue to RM929.04 million from RM899.75 million in the corresponding quarter a year ago.

At 11.15am, Southern Steel fell 17.17% or 17 sen to 82 sen, making it one of the top losers on the local bourse. It has a market capitalisation of 355.59 million.

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