KUALA LUMPUR: Short selling in Kenanga Investment Bank Bhd has been suspended after its share price dropped more than 15 per cent today.
The stock opened unchanged at RM1.18 and dipped 15.25 per cent to RM1.00 throughout the trading session today.
As at 2.45pm, its share price slid 10.17 per cent or 12 sen to RM1.06.
Bursa Malaysia Securities said short selling in the stock will resume tomorrow at 8.30am.
The investment bank's net profit for the second quarter ended June 30, 2024 dropped 43.9 per cent year-on-year to RM9.37 million from RM16.7 million in the same period last year.
The drag in earnings was due to higher total overheads and credit loss of RM6 million in the quarter under review.
Revenue for the quarter however, rose to RM243.13 million versus RM198.26 million in Q2 2023 due to higher brokerage fee income as well as trading and investment income.
Revenue for the first half ended June 30, 2024 (1H24) rose 18.3 per cent to RM447.3 million from RM378.1 million.
Pre-tax profit increased 13.1 per cent to RM40.5 million from RM35.8 million in the preceding year.
Its net profit was up 18.8 per cent to RM32.2 million.