News: RM400 million lost in E&O's market shares
BREAKING NEWS: Eastern & Oriental Bhd (E&O) lost over RM400 million of its market value as investors sold their shares following the Securities Commission's (SC) investigation of trading related to the company's stock.
Opening the trading session, E&O shares were 33 sen lower at RM1.57 sen a share and ended RM1.54 with 24.8 million shares changing hands yesterday.
CIMB's research report advised investors to wait for shares to drop to RM1.50 level before accumulating their shares again.
Dealers noted that although the report helped stand panic-selling in E&O's share, it did not translate to the E&O call warrants.
The E&O call warrants that expired this month started the trading day at 81 percent lower at three sen and ended trading 30 million call warrants at 3.5 sen.
E&O was one of the most sought after stocks by investors last Friday, following a report stating that SC will order Sime Darby Bhd to offer E&O shares which they do not own.
However, the SC released a statement saying that the commission's decision on the general offer for the E&O share remained unchanged from its last statement issued in October last year that Sime Darby does not have to offer the remaining shares.
The regulator also said that trading activities related with the counters brought by the rumours are currently being examined.
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