Harvest Court Plunges 30% After Stock Exchange Move

 Harvest Court Industries (9342.KU) plunges 30% to MYR1.50 after the stock exchange operator declares the counter and its warrants as "designated securities" due to excessive speculation; with such a status, trading in shares of Harvest Court requires upfront payment before buying and a free balance of securities before selling. 

The move comes after the little-known penny stock surged more than 25 times to Monday's close of MYR2.13, its highest in more than a decade, from MYR0.085 on Oct. 13 amid market chatter that the entry of new shareholder Mohd Nazifuddin Najib, the son of Malaysian Prime Minister Najib Razak, could boost the company's fortunes. It is likely that the stock will continue to remain under selling pressure in the near term given the stock's sharp rise in such a short time.