PENNY-STOCK fever gripped the local stock market on Tuesday as the
market's latest leader, CEFC International, continued its
gravity-defying run with a stunning 64 per cent gain that took its rise
in a little over a week to almost 900 per cent, creating spillover rises
for several other low-priced issues such as Oceanus, Foreland
Fabrictech, Sino Construction and WE.
The largest percentage gain for the day was reserved for China
shoe-sole maker Qingmei, which rocketed up S$0.026 or 325 per cent to
S$0.034 on a volume of 155.2 million.
Blue chips in the meantime stagnated, possibly as attention was
diverted to penny stocks. The Straits Times Index underwent an
unremarkable session, drifting within a narrow band before ending 2.07
points weaker at 3,371.41.
Turnover in unit terms rose to 3.2 billion units from an average of
about 1.2 billion last week, though in dollar terms it amounted to only
S$984.5 million. The top 20 active stocks were all priced below S$0.30
and the average unit value traded was S$0.31 - a clear indication of
where the action for the day lay.
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