Wednesday, November 16, 2011

Harvest tumbles after declared designated stock

KUALA LUMPUR (Nov 16): HARVEST COURT INDUSTRIES BHD [] shares and warrants fell sharply on Wednesday after they resumed trading after Bursa Malaysia Securities imposed trading sanctions on Monday.

At midday, it was down 63 sen to RM1.50 but the sanctions saw trading volume curbed to 698,000 shares done.

The warrants fell 54 sen to RM1.27 with 182,300 units done.

Under the trading curbs, buyers have to pay upfront for the shares or warrants, hence effectively curbing speculative buying.

The trading sanctions were the sternest warning to speculators who had chased up the stock in recent weeks despite that the regulator also issued unusual market activity queries to other penny stocks.

Bursa Securities had then said its decision to designate the securities of Harvest and the warrants due to excessive speculation were in the interest of ensuring a fair and orderly market.

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