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Update Lysaght turns top loser after being top gainer Friday

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Update Lysaght turns top loser after being top gainer Friday Empty Update Lysaght turns top loser after being top gainer Friday

Post by Cals Mon 06 Jan 2014, 15:11

Update Lysaght turns top loser after being top gainer Friday
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com   
Monday, 06 January 2014 13:21

KUALA LUMPUR (Jan 6): Lysaght Galvanised Steel Bhd, the top loser in morning trades, saw the upliftment of Dynamic Price Threshold mechanism on its stock briefly from 11:55 am to 12:05 pm.

“During this period, orders can be matched within 30 % up and down of the reference price of RM3.60 and the upper and lower limit is RM4.68 and RM2.52 respectively,” said a statement from the company.

The stock fell 54 sen or 15% to RM3.06 on very thin trades of 3,400 shares before and after upliftment. There was no change in price and trades by noon break.

According to senior remisier of SJ Securities Goh Kay Chong, the upliftment of the mechanism was a buffer for any unwarranted fall of the stock price.

“As the trade done was very thin, it could be sold by someone who needed cash urgently or by someone who had made a mistake in trading, or for any other reason best known to the player,” he said.

He noted Bursa Malaysia introduced this mechanism under its new trading platform recently to provide a buffer for any sudden plunge or surge in share price.

According to Bursa Malaysia’s data, Lysaght jumped 20% to RM3.60 (from RM3.00) last Friday on thin trades of 7,200 shares.  
Cals
Cals
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