(updating with new information from para 7 onwards)


KUALA LUMPUR, March 9 (Bernama) -- Bursa Malaysia has suspended the proprietary day trading (PDT) and intraday short selling (IDSS) of multiple oil and gas (O&G) counters for the rest of the day as the last done price of the approved securities dropped more than 15 per cent from the reference price.

The short-selling under PDT and IDSS will only be activated the following trading day (Tuesday, March 10) at 8:30 am.

In several statements, the exchange lists affected counters which include Bumi Armada Bhd, Dialog Group Bhd, Coastal Contracts Bhd, Dayang Enterprise Holdings Bhd, Hibiscus Petroleum Bhd, Serba Dinamik Holdings Bhd, Muhibbah Engineering Bhd, Velesto Energy Bhd and Wah Seong Corp Bhd.

The global equity market, as well as Bursa Malaysia, came under selling pressure after the global benchmark, Brent crude oil dropped 20.63 per cent to US$35.93 per barrel.

US benchmark West Texas Intermediate, meanwhile, fell to a low of US$30 a barrel.

The plunge in global oil price followed the collapse of an oil supply agreement between Saudi-led oil cartel, the Organisation of the Petroleum Exporting Countries (OPEC) and Russia.

The local equity market benchmark, FTSE Bursa Malaysia KLCI (FBM KLCI), ended 58.94 points lower at 1,424.16 on Monday from Friday’s close of 1,483.10 dragged by O&G components led by Petronas-linked stocks and Dialog Group.

Petronas Gas Bhd lost 44 sen to RM15.70, Petronas Dagangan Bhd fell RM1.18 to RM20.90 and Petronas Chemicals Group Bhd shed RM1.25 to RM4.40 while Dialog Group Bhd eased 26 sen to RM3.03.

On the broader market, losers outpaced gainers by 1,139 to 120, with 127 counters unchanged, 612 untraded and 17 others suspended.



TAGS: Bursa, O&G, PDT, IDSS, OPEC, Russia, Brent, WTI, PetGas, PetDag, PetChem, Dialog