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China Stationery extends losses after Bursa query
by hlk Thu 19 Apr 2012, 21:34
KUALA LUMPUR: China Stationery Ltd's share price extended its losses in the afternoon session on Thursday as speculators sold their shares after Bursa Malaysia Securities Bhd's query over the recent spike in the price and volume.
At 3.49pm, it was down 13 sen to RM1.65 with 75.09 million shares done.
The FBM KLCI lost 2.91 points to 1,595.95. Turnover was 1.39 billion shares valued at RM1.074bil. There were 234 gainers, 447 losers and 325 stocks unchanged.
To recap, China Stationery's share price had surged from RM1.16 on April 9 to RM1.78 on April 18 in heavy volume.
The heavy trading and price surge was earlier speculated to be due to a possible dividend in the offing.
The Star reported that in CSL's prospectus, it was stated that the directors of the company intend to recommend and distribute dividends of a minimum of 20% based on its net profit distributable to its shareholders in its financial year ending Dec 31, 2012 onwards.
At 3.49pm, it was down 13 sen to RM1.65 with 75.09 million shares done.
The FBM KLCI lost 2.91 points to 1,595.95. Turnover was 1.39 billion shares valued at RM1.074bil. There were 234 gainers, 447 losers and 325 stocks unchanged.
To recap, China Stationery's share price had surged from RM1.16 on April 9 to RM1.78 on April 18 in heavy volume.
The heavy trading and price surge was earlier speculated to be due to a possible dividend in the offing.
The Star reported that in CSL's prospectus, it was stated that the directors of the company intend to recommend and distribute dividends of a minimum of 20% based on its net profit distributable to its shareholders in its financial year ending Dec 31, 2012 onwards.
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