KUALA LUMPUR: Shares of APB Resources Bhd fell by more than 15 per cent on Tuesday, prompting Bursa Malaysia to suspend the counter's intraday short selling (IDSS).
The regulator said in a filing that the IDSS of APB Resources will only be reactivated at 8.30am on Wednesday.
"Please be informed that short selling under IDSS for stock APB Resources has been suspended for the rest of the day as 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 will only be activated the following trading day, Wednesday, Sept 18, 2024 at 8.30am," it said in a Bursa Malaysia filing.
At the time of writing, APB Resources shares were down 30 sen or 29.70 per cent to 71 sen, giving it a market capitalisation of RM80.14 million.
Year-to-date (YTD), the counter has fallen by more than 70 per cent.
APB Resources holds a 10.36 per cent stake in Globetronics Technology Bhd. On Sept 10, Globetronics saw a substantial sell-off, resulting in APB, its new significant shareholder, incurring a paper loss of RM102 million.
The decline in Globetronics' shares followed the announcement that its external auditor, KPMG PLT, had resigned on a voluntary basis.