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NewsExclusive Institutional investors buying into SCGM, raised share price 19% on Monday
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Exclusive Institutional investors buying into SCGM, raised share price 19% on Monday
by Cals Sat 26 Apr 2014, 18:18
| Exclusive Institutional investors buying into SCGM, raised share price 19% on Monday |
| Business & Markets 2014 |
| Written by Jonathan Gan of theedgemalaysia.com |
| Friday, 25 April 2014 15:09 KUALA LUMPUR (Apr 25): Institutional investors have bought into SCGM and caused the surges of SCGM Bhd share prices on the 21st of April, said an analyst with a local bank-backed stock broking firm. The stock saw a 19% jump from its closing price of RM1.22 last Friday to a high of RM1.45 on Monday (April 21). The trades on Monday hit a record high of 12.93 million shares. “As far as I know its institutional interest that has moved the stock,” said the analyst “The stock only has 80 million shares. In order for large quantities of shares to be purchased, the share base had to be freed up.” An announcement on Bursa Malaysia yesterday saw a disposal of 10 million shares, at RM1.25 per share, by its directors on 21st April 2014. The identity of the institutional investor was not made known. When asked on whether they were local or foreign institutional investors, the analyst answered that they were most likely to be local players. A source within SCGM had also substantiated this claim. “We’ll reveal the identity of the institutional investor soon” he said. |
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