Hot Stock Asia Bioenergy falls 11% after Bursa UMA query, Goldman Sachs exit

by **Cals** Thu 06 Mar 2014, 17:25

Hot Stock Asia Bioenergy falls 11% after Bursa UMA query, Goldman Sachs exit

Business & Markets 2014

Written by Chong Jin Hun of theedgemalaysia.com

Thursday, 06 March 2014 12:15

KUALA LUMPUR (Mar 6): Asia Bioenergy Technologies Bhd fell as much as 11% after Bursa Malaysia issued an unusual market activity (UMA) query on the company. Investors also took note of US-based The Goldman Sachs Group Inc’s exit from Asia Bioenergy after the foreign institutional investor sold all its shares in the Malaysian firm.

At 12 noon, Asia Bioenergy fell as much as one sen to 8.5 sen with some 21 million shares done.

Yesterday, Bursa Malaysia issued the UMA query on the recent sharp fall in Asia Bioenergy's share price.

Asia Bioenergy had not responded to the stock exchange operator and regulator's query, at the time of writing.

Asia Bioenergy, however, said in a separate statement that Goldman Sachs had ceased to become a major shareholder in the firm since Feb 24 this year. This followed the sale of 44.6 million shares or about 11% in Asia Bioenergy by Goldman Sachs.

Bloomberg data show that Asia Bioenergy had traded at a one-year intraday high of 19 sen on February 24, 2014. This compares to a low of 6.5 sen on March 6, 2013.

Today, Kenanga Investment Bank Bhd wrote in a note that Asia Bioenergy share price's immediate technical support and resistance are seen at nine and 12 sen respectively.

A HwangDBS Vickers Research note showed that Asia Bioenergy shares were the second largest decliner, in percentage terms, across the bourse over the last five market days.

It said the stock had fallen 29.6% during the period based on its latest closing price.