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Hot Stock China Stationery soars 24% after shares miss suspension

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Hot Stock China Stationery soars 24% after shares miss suspension

Post by Cals Thu 10 Jul 2014, 02:29

Hot Stock China Stationery soars 24% after shares miss suspension

Business & Markets 2014

Written by Chong Jin Hun of theedgemalaysia.com

Wednesday, 09 July 2014 10:52

KUALA LUMPUR (July 9): China Stationery Ltd soared as much as 24% on news that trading of the stock will not be suspended.

At 10.32am, China Stationery was traded at 10 sen with some 68 million shares done. The exchange's most-active stock had earlier risen as much as two sen to 10.5 sen.

"That (absence of trading suspension) is one of the reasons. China Stationery has also submitted its accounts,"a remisier told theedgemalaysia.com over telephone today.

China Stationery shares were spared suspension after the company submitted its audited financial statements by the regulator's deadline.

However, Bursa has placed China Stationery under Practice Note 17 category as its auditors were unable to give an opinion on the financial statements due to insufficient audit evidence.

Kenanga Investment Bank Bhd wrote in a note today that the immediate technical support and resistance for China Stationery's share price were seen at eight and nine sen respectively.

Yesterday, China Stationery said it had submitted its audited financial statements for financial year ended December 31, 2013 by the deadline set by Bursa Malaysia.

Cals: Administrator; Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
Location : global
Comments : â€œMy plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis

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