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Hot Stock XOX jumps 43% after averting suspension

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Hot Stock XOX jumps 43% after averting suspension Empty Hot Stock XOX jumps 43% after averting suspension

Post by Cals Mon 11 Nov 2013, 14:27

Hot Stock XOX jumps 43% after averting suspension
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com   
Monday, 11 November 2013 09:52
KUALA LUMPUR (Nov 11): XOX Bhd jumped as much as 43% after the stock averted a trading suspension by regulators, dealers say.

This is because XOX which offers mobile telecommunication products and services, had submitted its audited accounts on Bursa Malaysia's deadline last Friday (November 8).

Today, XOX changed hands at 12 sen at 9.37am to become the eighth most-active stock across the exchange. XOX had earlier risen as much as 4.5 sen to 15 sen.

"It is most probably due to the audited accounts," a dealer told theedgemalaysia.com over telephone.

"XOX is seen as a penny stock, hence, a speculative entity," the dealer added.

XOX had said  last Friday its audited net profit came to RM4.51 million in financial year ended June 30, 2013. This compares to an unaudited net loss of RM3.59 million.

Investors have closely watched XOX as the exchange regulator has warned that it will suspend trading of the stock.

The suspension would have taken place beginning today if XOX failed to issue its audited accounts by last Friday.

Meanwhile, Kenanga Investment Bank Bhd wrote in a note today that the immediate support and resistance of XOX shares are seen at 10 sen and 11 sen respectively.
Cals
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