Wednesday, November 16, 2011

KLCI advances in early trade, Harvest slumps

KUALA LUMPUR (Nov 16): The FBM KLCI advanced in early trade on Wednesday, Nov 16 while securities of HARVEST COURT INDUSTRIES BHD [] came under selling pressure when the counter resumed trade.

At 9.15am, the FBM KLCI was 9.38 points to 1,486.60, lifted by gains at select blue chips including DiGi, Maybank, KLK, PPB, Petronas Gas and Genting.

Meanwhile, Harvest Court Industries Bhd securities slumped when trading resumed after Bursa Malaysia Securities had declared the securities as designated counters until further notice.

At 9.15am, Harvest fell 63 sen to RM1.50 with 134,500 shares done, while its warrants lost 54 sen to RM1.27 with 15,000 units done.

The caution on Harvest was the sternest warning to speculators who had chased up the stock in recent weeks as the regulator also issued unusual market activity queries to other penny stocks.

Bursa Securities' decision to designate the securities of Harvest and the warrants due to excessive speculation observed in the trading of both securities and has been taken in the interest of ensuring a fair and orderly market.

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