KUALA LUMPUR, May 16 ― With immediate effect today, Bursa Malaysia Securities imposed a price cap on the lower limit of shares for IT services firm MyEG Services Berhad and engineering firm George Kent.
Prices for MyEG stocks were set at RM1.27 and for George Kent at RM1.94.
The cap was fixed to prevent the stocks of both companies, linked to the previous Najib administration, from plunging further after two consecutive days of price falls.
The shares of the two companies lost 60 per cent of their value in the first two days of trading after markets opened Monday. It was the first day of trading following the 14th general election last Wednesday, which saw the Barisan Nasional coalition toppled after 60 years in power.
Collectively, around RM5 billion was wiped out from the market capitalisation of the companies in those two days.
