KUALA LUMPUR: Intraday short-selling (IDSS) in the shares of Lagenda Properties Bhd
has been suspended by Bursa Securities after the counter hit limit down within the first hour of trading.
Currently the biggest loser on Bursa Malaysia, the trading stock of the property developer dove 49 sen or 29.52% to RM1.17, reaching the Stock Exchange's lower limit for a share's price decline in a single session.
Bursa Securities suspends IDSS trading on a stock in the event its last done price drops more than 15% or 15 sen from the reference price.
Short selling of Lagenda's stock under IDSS will be reactivated the next day (May 30) at 8.30am.
Lagenda's shares were under selling pressure from the get-go, gapping down to RM1.45 a share at the start of Wednesday trading, representing a fall of 12.65% over its Tuesday closing price of RM1.66. As at 10.15am, 26.6 million Lagenda shares had changed hands.
The group announced in a statement yesterday that its 1Q24 net profit rose to RM42.72mil from RM39.34mil in the previous corresponding quarter, while revenue improved to RM225.62mil from RM180.95mil a year earlier.
This translates to a basic earnings per share of 5.10 sen versus 4.70 sen previously.
Lagenda said the improved earnings were due to strong sales momentum and growing construction progress from various projects, most notably Lagenda Teluk Intan, Lagenda Tropika, and Darulaman Lagenda.
In the same statement, managing director Datuk Jimmy Doh Jee Ming said the group has seen a good start to the year, setting the tone for a fruitful 2024 as the company looks to increase its momentum over the coming quarters.
