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NewsHot Stock Hibiscus rebounds on bargain hunting
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Hot Stock Hibiscus rebounds on bargain hunting
by Cals Thu 05 Nov 2015, 01:37
- Hot Stock
[size=28]Hibiscus rebounds on bargain hunting
By Chong Jin Hun / theedgemarkets.com | November 4, 2015 : 11:59 AM MYTKUALA LUMPUR (Nov 4): Hibiscus Petroleum Bhd ([You must be registered and logged in to see this image.] Valuation: 0.90, Fundamental: 1.55) rose as much as 3.5 sen or 10% as investors bargain hunted for the beaten-down stock, which caught Bursa Malaysia's attention.
Hibiscus rose to 37.5 sen, its highest so far today. At 11:29am, the most-active stock on Bursa was traded at 37 sen, with some 114 million shares transacted.
Yesterday (Nov 3), Hibiscus fell 17.5 sen or 34% to close at 34 sen, after Bursa queried the company on the sharp fall in the stock's price. Hibiscus' share trade was suspended between 3:09pm and 4:09pm.
Hibiscus, in its reply to Bursa's query, highlighted updates on its upstream oil and gas ventures in Australia and Norway, besides possibility of margin calls on
the company's shares.
"The company believes that there may be some shareholders who have been subject to margin calls on shares that have been collateralised and are being asked to regularise their margin positions," Hibiscus said.
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