FGV share price drops further

The price of Felda Global Ventures Bhd (FGV) shares continued its downward spiral this morning.

At 11.30am, the price was RM4.58, a 10-sen decline from yesterday's closing price.

The lowest recorded to date was RM4.57, just above the initial public offering price at RM4.55.

This is despite an injection of funds by the Employees Provident Fund into FGV by increasing its stake from five percent to 6.8 percent.

In June, FGV had issued the world’s second-largest IPO after social media network Facebook.

The share price fell below the psychological mark of RM5 last week, continuing a downward trend that started in July.

Trading today on Bursa Malaysia declined from 1,618 points to 1,603 points at the time of writing.

[More to follow]