MyEG, George Kent tumble further

PETALING JAYA: Share prices of My E.G. Services Bhd (MyEG) and George Kent (M) Bhd continued to tumble today, after lower price limits for both stocks were lifted after a day.
MyEG was the top active stock and fifth biggest loser on Bursa Malaysia Securities today, closing 28.74% lower breaching the RM1 mark to close at 90.5 sen with 463.4 million shares done.
George Kent, the fourth biggest loser, dropped 22.16% to RM1.51 with 35.77 million shares changing hands.
Both stocks have seen heavy selling pressure since market reopened after a stunning victory by Pakatan Harapan at the polls last Wednesday. George Kent has lost about 62% of its share value, while MyEG has lost 65% of its value for perceived links to the previous government, which is currently the subject of investigations.
Bursa Securities froze the lower limit price for MyEG and George Kent on Wednesday, following the sharp fall of the companies’ share prices in the first two days of the week. Bursa Securities had set the lower limit for MyEG at RM1.27 and George Kent at RM1.94.
The moves again prompted Bursa Securities Malaysia to suspend proprietary day trader and intraday short selling activities for MyEG and George Kent for the rest of today, the second time in a week.
Bursa Malaysia Securities said the suspension took effect at 8.30am today as the last done price of the approved securities dropped more than 15 sen/15% from the reference price.