Shares of Kuala Lumpur Kepong Bhd (KLK) slid 19 per cent yesterday, its biggest daily decline in about 11 years, after a trading error the previous day sent the shares soaring.
They shed RM3.30 to RM13.70, which a dealer said reflected a more normal level for the plantation firm’s shares.
KLK was the worst performer on the FTSE Bursa Malaysia KLCI index yesterday. A mere 340,100 shares were done, compared with 1.49 million the previous day.
On Monday, a trading error, which dealers said was committed by a foreign brokerage house, had resulted in the stock surging 24 per cent to RM17 in the last ten minutes of trade.
The stock exchange rejected a request by the broker to cancel the erroneous trade.
KKL is involved in plantation, manufacturing, property development and retailing and has expanded downstream into resource-based manufacturing, such as oleochemicals and rubber processing
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