The short selling activities of Dayang Enterprise Holdings Bhd was suspended at 10.08am on Thursday after the share price fell more than 15 sen or 15% following the release of its results.
KUALA LUMPUR: Shares of refiner Hengyuan, which had surged from merely around RM2 in early January 2017 to an all-time high of RM19.20, is coming under selling pressure and technical indicators shows a further weakening in the share price.
On Thursday, it fell to a low of RM12.48 – the weakest in more than a month.
At 11.30am, it was trading at RM13.12, down 68 sen. Turnover was 6.40 million shares done.
At RM12.48, this has seen RM6.72 erased from the share price when compared to the high of RM19.20.
The FBM KLCI fell 4.12 points or 0.23% to 1,824.51. Turnover was 2.64 billion shares valued at RM1.08bil. There were 205 gainers, 678 losers and 360 counters unchanged.
Hengyuan's share price rose to a high of RM19.20 on Dec 29, tracking the meteoric rise of Petron Malaysia
which are benefiting from the improved margins as crude oil prices rebounded.
Since then, the share price has been on the decline as investors have been quick to take profit.
A technical chartist said the technical indicators are weak and the price is heading towards the support level of RM11 – which was on Dec 8, 2017.
Hengyuan's call warrants, CB fell 30.5 sen to 74.5 sen and the CF was down 17 sen to 45 sen.
Petron fell 38 sen to RM11.76 but its rise has been less meteoric. Its all time time high was RM15.06 end December.
Nonetheless, based on the current price, this was a surge of RM7.76 from January 2017's RM4.
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