Kuala lumpur: The short selling under intraday short-selling (IDSS) for three oil and gas-related (O and G) companies on Bursa Malaysia has been suspended for the rest of the day today. The companies affected are Hengyuan Refining Company Bhd, Petra Energy Bhd, and Hibiscus Petroleum Bhd.
According to BERNAMA News Agency, Bursa Malaysia announced the suspension after the last done price of the approved securities dropped more than 15 per cent or 15 sen from the reference price. The short selling under IDSS is set to be reactivated tomorrow (Wednesday) at 8.30 am.
As of 11.50 am, shares of Hengyuan Refining had fallen by 22 sen or 11.57 per cent to RM1.68. Hibiscus Petroleum's shares decreased by 19 sen or 7.95 per cent to RM2.39, while Petra Energy's shares were down by 9.5 sen or 11.37 per cent to 74 sen. Earlier today, Petra Energy's shares slid as much as 18 sen to 65.5 sen at around 10 am.
The regional investment climate has been unsettled, with Asian markets experiencing a sell-off yesterday due to a surge in crude oil prices. However, today saw a rebound in Bursa Malaysia, aligning with Wall Street's recovery after US President Donald Trump suggested that the conflict with Iran might soon be resolved.
At the time of writing, Brent crude oil prices had decreased by 5.01 per cent, settling at US$94.45 per barrel.