Hot Stocks Batu Kawan, BToto, TDM, CBIP, Coastal Contracts hit limit up

by **Cals** Mon 24 Jun 2013, 13:58

Hot Stocks Batu Kawan, BToto, TDM, CBIP, Coastal Contracts hit limit up

Business & Markets 2013

Written by Chong Jin Hun of theedgemalaysia.com

Monday, 24 June 2013 11:21

KUALA LUMPUR (June 24): Several stocks which hit limit down last Friday, rebounded substantially by 30% today to reach limit up among top gainers in morning trade.

At 10.27am, BATU KAWAN BHD [] rose RM4.02 to RM17.48, BERJAYA SPORTS TOTO BHD [] (BToto) rose 96 sen to RM4.16, TDM BHD [] was up 87 sen to RM3.77, CB INDUSTRIAL PRODUCT HOLDING [] Bhd (CBIP) climbed 57 sen to RM2.50, while COASTAL CONTRACTS BHD [] increased 44 sen to RM1.92.

A dealer said institutional and retail investors have bought these stocks as they "saw value" in these entities.

"It is a normal rebound," the dealer told theedgemalaysia.com over telephone today.

Another stock HAP SENG PLANTATION []S HOLDINGS [] Bhd which also hit limit down last Friday was, however, untraded today.

Last Friday, Batu Kawan, TDM, CBIP, Coastal Contracts, and Hap Seng hit limit down after these stocks fell 30% each. BToto was down 24%.

The dealer said the decline in these stocks was "not justified" as the companies have not seen adverse financials or corporate announcements.

"The decline did not make sense," the dealer said.
A BURSA MALAYSIA BHD [] official when contacted last week, had said the decline in these stocks was not considered an "unusual market activity".

According to the Bursa official, the stock exchange operator had investigated the matter with the stock broker concerned and found that the trades involving the latter's institutional client was valid and genuine.