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Hot Stock Xinghe soars 136% on PN17 uplift
by Cals Tue 29 Apr 2014, 22:16
| Hot Stock Xinghe soars 136% on PN17 uplift |
| Business & Markets 2014 |
| Written by Chong Jin Hun of theedgemalaysia.com |
| Tuesday, 29 April 2014 11:31 KUALA LUMPUR (Apr 29): Vegetable-oil producer Xinghe Holdings Bhd, formerly known as Key West Global Telecommunications Bhd, soared as much as 136% after the company stepped out of Bursa Malaysia's Practice Note 17 (PN17) list today. Trading of Xinghe shares, which was suspended for the past two years, resumed today. At 11.16am, Xinghe was traded at 20.5 sen with some 37 million shares done. The stock had earlier gained as much as 15 sen to 26 sen. It was a relief to investors who had held the shares throughout the stock's trading suspension, said a remisier to theedgemalaysia.com over telephone today when describing the stock's movement this morning. Analysts had earlier anticipated Xinghe to attract market attention. "Stocks to watch (include) Xinghe, (which) will be removed from PN17 status today," JF Apex Securities Bhd wrote in a note today. Prior to Xinghe's corporate revamp, which included a private placement of shares, Bursa had designated the group as a PN17 entity in May 2012. Trading of the stock had been suspended since October 4 that year. Xinghe shares are traded under the new stock short name of ‘XINGHE’. The stock number remains unchanged. |
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