KUALA LUMPUR: Proprietary day traders (PDT) and intraday short selling (IDSS) activities were suspended for Gabungan AQRS Bhd and HSS Engineers Bhd for the remainder of the day.
This was after the stocks hit trade limits set by the stock exchange, having lost more than 15 sen or 15 per cent from their reference price on news on of the cancellation of East Coast Rail Link (ECRL).
The PDT and IDSS activities will only resume at 8.30am on Thursday.
Gabungan AQRS was the worst performer for Bursa Malaysia Construction Index as it lost about 10.22 per cent in a day to close to RM1.23.
HSS Engineers shares on the other hand were down 16.37 per cent to end the day at 94 sen.
Stock market analyst Nazarry Rosli said it was only a sentiment play for the two stocks.
"It was only a knee-jerk reaction. The sell-off was due to what was viewed as negative news.
“The impact on the ECRL cancellation is not very significant," he told NST Business.
The two stocks were also analysts' favourites, with 100 per cent "buy" calls despite the cancellation of ECRL project.
Gabungan AQRS has a consensus share price target of RM1.89, which is more than 50 per cent upside potential from the last price.
HSS Engineers meanwhile has more than 20 per cent upside potential with a consensus target price of RM1.16.