Posted on 26 March 2012 - 05:39am
PETALING JAYA: The trading volume of Metronic Global Bhd shares plummeted by
almost 80% on Friday from a record 845 million on Wednesday after proprietary
day traders (PDTs), including "stockists", were barred from dabbling in the
shares of the company and that of its 11.7%-owned Ariantec Global (AGlobal).
A total of 181.73 million shares were transacted on Friday. The counter fell 17.6% or 4.5 sen to 21 sen despite the announcement the previous evening of businessman Datuk Raymond Chan Boon Siew having bought a 5.18% stake, or 32.9 million shares, in the company.
On Thursday, the counter saw a total volume of 348 million shares with its price hitting an intraday high of 31.5 sen (up almost three-fold from Tuesday's closing of 11 sen) before ending the day at 25.5 sen when news of the stockbroking firms' action surfaced.
On Friday, the number of AGlobal shares traded declined to 129.67 million shares from 209 million the previous day. The counter dropped 14.3% or two sen to close at 12 sen.
On Friday, SunBiz reported that several stockbroking firms had barred their PDTs from trading in Metronic and AGlobal, a move that also dampened sentiment in other penny stocks.
Commenting on Friday's trading in the two counters, a stockbroker said the volume has subsided because of the non-participation of PDTs and also fear of investigation by the authorities on the excessive speculation.
The lower volume transacted could also be due to concerns over Bursa Malaysia checking on the books of PDTs in the trading of the shares in these companies, he said.
Meanwhile, Chan, whose company Sagajuta (Sabah) Sdn Bhd is the developer of the biggest shopping mall in Sabah, is making waves on Bursa Malaysia after he bought substantial stakes in three small loss-making listed firms in the past six months.
The buying spree came about after Sagajuta aborted a deal to take over Jerneh Asia Bhd's listing status last October as the two parties were unable to reach an agreement.
It seems that Chan, who is the founder and CEO of Sagajuta, is injecting his assets into different listed entities rather than housing them under one roof.
And punters are keeping their eyes on Chan's next move, as the rumour mill keeps spewing out fresh potential takeover targets.
Besides Metronic, last week also saw Chan being linked to another company, although reports on this one turned out to be just talk.
ACE-listed Focus Dynamics Technologies Bhd last Monday denied a newspaper report that it had sold some shares to Chan via private placement.
The stock tanked on the announcement, as some punters were disappointed when the company said there were any plans from Chan involving an injection of oil and gas assets as reported.
Chan was made CEO of Naim Indah Corp Bhd earlier this month after he bought into the company in February.
It was reported that he plans to inject some of Sagajuta's properties into Naim, and had awarded contracts worth millions to Harvest Court Industries Bhd.
The 40-year-old property developer caused a big stir in the market after he and 28-year-old chairman Mohd Nazifuddin Mohd Najib were made directors of Harvest Court in October after they acquired substantial stakes in the door maker.
Their first public purchase pushed up the stock from less than 10 sen to above RM2 in a matter of days and gained the counter the dubious distinction of being perhaps the only counter that was declared a designated stock last year.
Chan was reported to have said that he intended to turn Harvest Court into a construction company and make it profitable by the end of this year.
Before the Harvest Court saga, Sagajuta had aborted a plan to take over Jerneh Asia Bhd's listing status.
A total of 181.73 million shares were transacted on Friday. The counter fell 17.6% or 4.5 sen to 21 sen despite the announcement the previous evening of businessman Datuk Raymond Chan Boon Siew having bought a 5.18% stake, or 32.9 million shares, in the company.
On Thursday, the counter saw a total volume of 348 million shares with its price hitting an intraday high of 31.5 sen (up almost three-fold from Tuesday's closing of 11 sen) before ending the day at 25.5 sen when news of the stockbroking firms' action surfaced.
On Friday, the number of AGlobal shares traded declined to 129.67 million shares from 209 million the previous day. The counter dropped 14.3% or two sen to close at 12 sen.
On Friday, SunBiz reported that several stockbroking firms had barred their PDTs from trading in Metronic and AGlobal, a move that also dampened sentiment in other penny stocks.
Commenting on Friday's trading in the two counters, a stockbroker said the volume has subsided because of the non-participation of PDTs and also fear of investigation by the authorities on the excessive speculation.
The lower volume transacted could also be due to concerns over Bursa Malaysia checking on the books of PDTs in the trading of the shares in these companies, he said.
Meanwhile, Chan, whose company Sagajuta (Sabah) Sdn Bhd is the developer of the biggest shopping mall in Sabah, is making waves on Bursa Malaysia after he bought substantial stakes in three small loss-making listed firms in the past six months.
The buying spree came about after Sagajuta aborted a deal to take over Jerneh Asia Bhd's listing status last October as the two parties were unable to reach an agreement.
It seems that Chan, who is the founder and CEO of Sagajuta, is injecting his assets into different listed entities rather than housing them under one roof.
And punters are keeping their eyes on Chan's next move, as the rumour mill keeps spewing out fresh potential takeover targets.
Besides Metronic, last week also saw Chan being linked to another company, although reports on this one turned out to be just talk.
ACE-listed Focus Dynamics Technologies Bhd last Monday denied a newspaper report that it had sold some shares to Chan via private placement.
The stock tanked on the announcement, as some punters were disappointed when the company said there were any plans from Chan involving an injection of oil and gas assets as reported.
Chan was made CEO of Naim Indah Corp Bhd earlier this month after he bought into the company in February.
It was reported that he plans to inject some of Sagajuta's properties into Naim, and had awarded contracts worth millions to Harvest Court Industries Bhd.
The 40-year-old property developer caused a big stir in the market after he and 28-year-old chairman Mohd Nazifuddin Mohd Najib were made directors of Harvest Court in October after they acquired substantial stakes in the door maker.
Their first public purchase pushed up the stock from less than 10 sen to above RM2 in a matter of days and gained the counter the dubious distinction of being perhaps the only counter that was declared a designated stock last year.
Chan was reported to have said that he intended to turn Harvest Court into a construction company and make it profitable by the end of this year.
Before the Harvest Court saga, Sagajuta had aborted a plan to take over Jerneh Asia Bhd's listing status.
没有评论:
发表评论