On Monday, VS Industry (VS, 6963) plunged 30% or 35 sen to 82 sen with 21.48 million shares changing hands in response to its first-quarter financial results released on Friday which came in below most analysts’ expectations.
KUALA LUMPUR: The short-selling activities of VS Industry was suspended again early Tuesday after its share price fell more than the 15% or 15 sen limit.
Its share price fell to a low of 65 sen, down 17 sen from the previous day’s close of 82 sen, as it continued to come under severe selling pressure from the previous day after its earnings warning.
At 9.33am, share price of the integrated electronics manufacturing services provider was down 11.5 sen to 70.5 sen with 66.95 million shares done.
The FBM KLCI was down 5.27 points or 0.32% to 1,636.35. Turnover was 399.93 million shares valued at RM186.52mil. Decliners beat advancers 416 to 69 while 172 counters unchanged.
On Monday, VS plunged 30% or 35 sen to 82 sen with 21.48 million shares changing hands in response to its first-quarter financial results released on Friday which came in below most analysts’ expectations.
Maybank Investment Bank Research said in its report that VS’ first quarter for the financial year 2019 (FY19) core earnings of RM45mil came in short of its expectation at 22% of consensus FY19’s forecasts.
The research house noted that despite its Malaysian operations which outperformed, VS’ profit had been weighed down by unexpected losses in its Indonesian operations and the larger-than-expected loss in China that included a one-off loss on disposal of RM5.4mil.
The research house had lowered its 12-month target price on VS to 82 sen from a previous target price of RM1.95.
Read more at https://www.thestar.com.my/business/business-news/2018/12/18/short-selling-of-vs-industry-suspended-again-extending-losses/#Ult684xoq7VwAxLj.99
