Hot Stock Eastland surrenders all gains; many hurt

Hot Stock Eastland surrenders all gains; many hurt
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Wednesday, 17 July 2013 13:51

KUALA LUMPUR (July 17): Shares of Eastland Equity Bhd continued to fall in active trades today, surrendering all 141% gains it had made from July 5 to early July 10.

The stock had soared and hit limit-up twice on speculations that Mohd Nazifuddin Najib, son of Premier Najib Abdul Razak, was taking up a stake in Eastland amid a corporate tussle for control of the company.

But after the denial of the prominent personality, the stock began to plunge from a high of RM1.29 in early July 10 and this share price decline has continued since then.

At 12.30 pm noon break today, Eastland – formerly known as FURQAN BUSINESS ORGANISATION [] Bhd (FBO) – fell 8.5 sen or 13% to 58 sen.

The most active stock, with trades of some 42 million shares done, gave up all its gains made earlier.

“I think many retail players and internet investors got burnt in this latest episode.

“Despite the denial, many were hoping that the rumoured corporate tussle would support the price, but it did not. The sale of shares by a substantial shareholder confirmed this,” said a senior dealer.

According to exchange filings, Equal Accord Sdn Bhd – a substantial shareholder – sold about 2 million shares on July 11 in the Sabah-based company, leaving holdings of some 15.5 million shares or about 7% stake in Eastland.

haha.. the power of media.. -.-