BUDGET 2019 | Short selling of casino giant Genting Malaysia Bhd's stocks has been suspended after its share price fell as high as 29.95 percent.

Prices opened at RM3.60 today, down 20.7 percent from Friday's closing price of RM4.54, before trending downwards to as low as RM3.18.

At the time of writing, the price has rebounded to RM3.56, with 2.67 million shares traded.

The massive selldown follows Putrajaya's announcement that it will raise annual casino licence fees to RM150 million, up from RM120 million.

The government also intends to raise casino duty on gross income by 10 percent to 35 percent, the first such increase in 20 years.