KUALA LUMPUR (May 17): My E.G. Services Bhd (MyEG) shares dropped below the RM1 mark in afternoon trade today, as investors continued to perceive the counter as linked to Barisan Nasional (BN), which lost in the recent 14th General Election, after a 60-year-rule.

The stock has been on the downtrend since the market reopened on Monday, following a historic victory by the opposition.

MyEG's share price is also affected by the new government's pledge to remove the Goods and Services Tax (GST) under its election manifesto, as it will put MyEG's GST monitoring project at risk.

At 3.45pm, MyEG shares were down 36.5 sen or 28.74% at 90.5 sen, with 378.28 million shares done.

MyEG was one of the hot picks among investors and traders prior to the polling day on May 9, closing at RM2.58 on May 8.

Since then, the stock has lost about 64.7% of its value. At current level, it is trading at its one-year low, with a trailing price-earnings ratio of 15.2 times.

It is worth noting that MyEG has, following the decline, been buying back its own shares from RM1.27 apiece.