PETALING JAYA: Over RM160mil was wiped off Cypark Resources Bhd’s market capitalisation in a mere two days, as short-sellers exerted pressure on the renewable energy player.

       The stock suffered a 24% drop on May 24 and another drop of 24% on May 25, dragging the market capitalisation to RM223.8mil as of yesterday, according to Bloomberg data.

       Yesterday, the stock closed at 38 sen, as compared to 66 sen on May 23. A total of 116.73 million shares changed hands yesterday.

       Dealers attributed the fall in the share price to short selling activities under proprietary day trading (PDT) and intraday short selling (IDSS), which resumed yesterday.

       A quick check on the Bursa Malaysia’s website showed that the total net short position on Cypark was 3.88 million shares as of May 24. The company’s outstanding shares were 588.83 million units, according to Bloomberg.

       With the Cypark stock under short-selling pressure yesterday, Bursa Malaysia acted swiftly by suspending it for the rest of the day.

       In justifying the suspension, the stock exchange operator said the last done price of Cypark had dropped more than 15% from the reference price.

       “The short selling under PDT and IDSS will only be activated today at 8.30am,” Bursa Malaysia said.

       It is worth noting that the short selling under PDT and IDSS for the Cypark stock was also suspended a day earlier, after the stock fell substantially in a matter of hours.