Thursday, November 17, 2011

Harvest Court securities continue to slide

KUALA LUMPUR (Nov 17): HARVEST COURT INDUSTRIES BHD [] shares and warrants continued to fall sharply on Thursday, Nov 17 after Bursa Malaysia Securities had imposed trading sanctions on Monday.

At 9.15am, Harvest fell 44 sen to RM1.05 with 489,500 shares done.

The warrants fell 38 sen to 89 sen with 93,000 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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