KUALA LUMPUR (March 21): Pos Malaysia Bhd fell as much as 34 sen or 11% to RM2.73 today on profit taking following substantial gains last Friday.
On Friday (March 18), Pos Malaysia shares rose 65 sen to close at RM3.07 after Deputy Communications and Multimedia Minister Datuk Jailani Johari said a day earlier in Parliament the government was evaluating the need to increase Pos Malaysia's postal rates.
The Malaysian Communications and Multimedia Commission (MCMC) is the regulator of the nation's postal industry. Jailani said the government was in talks with Pos Malaysia on the postal rate revision.
Today, Pos Malaysia shares cut losses to settle at RM2.78 at 12.30pm for a market value of RM1.54 billion. The stock saw some five million shares traded.
Pos Malaysia was the second-biggest decliner across Bursa Malaysia.
At a glance, analysts said there were still uncertainties on Pos Malaysia's rate increase.
Hong Leong Investment Bank Bhd analyst Daniel Wong told theedgemarkets.com Pos Malaysia's share price movement was based on speculation.
"You don't know when they are going to implement it. You are not sure of the quantum. It's just speculation," Wong said.
theedgemarkets.com could not reach MCMC officials for comment at the time of writing.