Hot Stock Genting Malaysia down after 'large block of shares' traded off-market

by **Cals** Wed 22 Jul 2015, 17:17

Hot Stock
Genting Malaysia down after 'large block of shares' traded off-market

KUALA LUMPUR (July 22): Genting Malaysia Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), the most-active stock on Bursa Malaysia, fell as much as five sen or 1.15% after a large block of shares changed hands in an off-market trade, analysts said.
An analyst from a bank-backed research house told theedgemarkets.com that hotel and casino operator Genting Malaysia (fundamental: 2.4, valuation: 0.8) "was expected to announce details of the trade within the next week."
Today, Genting Malaysia shares fell to its lowest so far at RM4.28. At 10:13am, the stock pared losses at RM4.30 for a market capitalisation of RM24.38 billion.
Genting Malaysia saw almost 30 million shares done.
"The high volume traded was the result of a large block of shares traded in an off-market transaction," the analyst said.
Last week, Genting Malaysia said it incorporated a UK-based subsidiary to undertake restaurant operations.
Genting Malaysia told Bursa Malaysia that it had incorporated 51%-owned Waters Solihull Ltd, which had an issued and paid-up share capital of £100 (about RM590).
[size=12](Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)[/size]