Lagenda hits limit at RM1.17/share, intraday short selling suspended

KUALA LUMPUR: Intraday short selling (IDSS) in Lagenda Properties Bhd shares was suspended by Bursa Securities after the counter reached the limit within the first hour of trading.

The property developer’s stock is currently the biggest loser on Bursa Malaysia, plunging 49 sen or 29.52% to RM1.17, hitting the exchange’s lower limit for a share’s decline in a single session.

Bursa Securities will suspend IDSS trading of a share if its last price falls by more than 15% or 15 sen from the reference price.

Short selling of Lagenda shares under the IDSS will resume the next day (May 30) at 8:30 a.m.

Lagenda shares faced selling pressure from the outset, falling to RM1.45 per share at the start of Wednesday’s trading, down 12.65% from Tuesday’s closing price of RM1.66. As of 10:15am, 26.6 million Lagenda shares had changed hands.

The group said in a statement yesterday that its net profit for Q1 2024 increased to RM42.72 million from RM39.34 million in the previous corresponding quarter, while revenue improved to RM225.62 million from RM180.95 million a year earlier.

This represents earnings per share of 5.10 sen, up from 4.70 sen previously.

Lagenda said the improved earnings were driven by strong sales momentum and increasing construction progress at various projects, particularly Lagenda Teluk Intan, Lagenda Tropika and Darulaman Lagenda.

In the same statement, Managing Director Datuk Jimmy Doh Jee Ming said the group has made a good start to the year, laying the foundation for a successful 2024 as the company looks to gain momentum in the coming quarters.