7-Eleven Malaysia says not aware of reasons for sharp share price decline

TheEdge Fri, Jun 14, 2019 04:32pm - 4 years View Original


KUALA LUMPUR (June 14): 7-Eleven Malaysia Holdings Bhd said today that it is not aware of any reasons that led to the sharp 23 sen or 15% drop in its share price on low volume this morning.

In an emailed response to queries from theedgemarkets.com, convenience store operator 7-Eleven Malaysia chairwoman Lena Tan said she would not be too concerned about 7-Eleven Malaysia's short-term share price volatility on very low volume.

"We are not aware of any reasons for the sharp share price decline this morning, except to note that the sharp 23 sen drop was on a mere 500 shares and the share price soon recovered afterwards.

“It is business as usual at 7-Eleven Malaysia,” she said.

Earlier today, the counter declined as much as 23 sen or 15% to RM1.27. At 3pm, the counter cut losses at RM1.50, with 73,000 shares traded.

7-Eleven Malaysia's unusual share price plunge caught Bursa Malaysia's attention.

Bursa Malaysia said in a special announcement today that proprietary day trading (PDT) short selling and intraday short selling (IDSS) for 7-Eleven Malaysia stock has been suspended for the rest of the day, as the last done price of the approved securities dropped more than 15% from the reference price. 

Bursa Malaysia said the short selling under PDT and IDSS will only be activated on Monday (17 June 2019) at 8:30am.

Today, Bursa Malaysia said in another special announcement that the dynamic price threshold mechanism on 7-Eleven Malaysia stock was uplifted from 10:55am until 11:05am. 

"During this period, orders can be matched within 30%/30 sen up and down of the reference price. The reference price is RM1.50 and the upper and lower limit is RM1.95 and RM1.05 respectively," Bursa Malaysia said.

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