Bursa suspend Gamuda and MMC as shares hit limit down

KUALA LUMPUR: The short-selling of Gamuda Bhd and MMC Corp Bhd shares was suspended for the rest of today after their share prices fell more than 15 per cent in early trade.

According to a Bursa Malaysia, the proprietary day trading (PDT) and intraday short selling (IDSS) activities were suspended at 9.03am and they would only resume at 8.30am tomorrow.

At 5pm, Gamuda shares were down 78 sen to settle at RM2.43 while MMC dropped 22 sen to close at RM1.13.

Gamuda call warrants, C54 had also plunged 3.5 sen to 2.5 sen, with 11.2 million units done.

At mid-day, the stock market operator suspended short-selling of MMC Corp after the share price fell more than the 15 per cent limit to RM1.12.

The share price plunge in these two counters were believed to be triggered by last night’s announcement concerning the Mass Rapid Transit Line 2 (MRT2) by Finance Ministry.

Finance Minister Lim Guan Eng had announced the termination of Gamuda-MMC Corp joint venture as the main contractor for the tunneling works for MRT2 awarded back in 2016.

Lim had also instructed that the unfinished underground works would be re-tendered out through an international open tender process.

Source: NST