]FINANCIAL MARKETS
Lim & Tan Securities, 30 Sep 2013
Meanwhile, the continued feverish punting of penny (low priced) stocks
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have seen continued sales by company insiders / major shareholders.
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~ Edward Lee who is a substantial shareholder of IPCO and has been a consistent buyer of the stock since Jan’13 (low of 2.4 cents and high of 3.3 cents)
has turned seller for the first time this year.
He sold 73.216mln shares last Friday between 3.6-4.1 cents a share, reducing his holding to 462.381mln shares or 9.065% of the company.
IPCO has done well this year, rising from around 2 cents at the beginning of the year to last Wed’s high of 4.4 cents before correcting to 3.7 cents last Friday.
~~ Gary Loh, the Deputy Chairman of Sunmoon Food continued to reduce his holding in the company with last Friday’s sale of 1.3bln shares at 0.001 Singapore cents a share, reducing his holding to 12,464,482,258 or 39.1% of the company. The stock has been stuck between 0.001 and 0.004 cents this year.
~~~ Ms Doris Chung Gim Lian (the second largest shareholder after Chairman Quek SP) continued to reduce her stake in ACMA Ltd. Last Thursday she sold 30mln shares at 3.2 cents, reducing her stake to 554,212,750 shares or 13.188% of the company. Since peaking at 5.2 cents in Feb’13, the stock has been declining and hit 3.1 cents last Friday. Doris last sold close to 10mln shares at 3.2 cents in Mar’13. This nevertheless is still higher than the 2.1-2.6 cents range it was trading at in Jan’13.
~~~~ The Deputy Chairman and Executive Director of Ntegrator International Han Meng Siew sold 2mln share at 7.6 cents, reducing his stake in the company to 33.391mln shares or 4.52% of the company. Han MS’s share sale is notable as he last sold 3.44mln shares at 12.1 cents in Mar’13 and his latest share sale was done at 7.6 cents, significantly lower than his last sale.
~~~~~ The Chairman and CEO of Asia-Pacific Strategic Investments Ltd Choo Yew Ming sold 3.66 mln shares between 43-47 cents each, reducing his holding in the company to 27,500,804 or 22.4% of the company.
Ipco leads charge of low-priced stocks
Blue chips flounder on Wall Street's continued slide, a weak HK and Europe's flaccid opening
Business Times, PUBLISHED SEPTEMBER 26, 2013
PENNY stock fever ran high yesterday as nine billion units worth just $1.5 billion were traded for an average of just 17 cents per unit.
Blue chips, in the meantime, sagged in line with a fourth consecutive drop on Wall Street overnight, weakness in Hong Kong and a soft opening in Europe in the late afternoon. After rising 20 points in the morning, the Straits Times Index eventually sank to a net loss of 3.17 points at 3,208.58.
For most analysts the main topic of conversation was when the US Federal Reserve might start tapering its monetary stimulus but this appears to be of only passing interest to punters in penny stocks, such as Ipco, SingHaiyi, HanKore and Albedo.
Ipco, in particular, stood out with a one-cent or 29 per cent jump to 4.4 cents on an astonishing volume of 2.1 billion, which alone was about one quarter of the entire market's unit business. Turnover in the 30 STI components was $514 million or about one-third of dollar volume.
Brokers noted that
interest in low-priced issues - many of which are loss-making hock: - has been building for a while on the back of rumours of reverse takeovers, the participation of influential and well-connected persons and various other speculative reasons.