Asiasons Leads Advance as Exchange Lifts Curbs: Singapore Mover
Blumont jumped 65 percent to 22 Singapore cents as of 9:03 a.m. local time, set for the biggest gain in more than four years. Asiasons rose 76 percent, set for a record advance, and LionGold climbed 60 percent.
The shares slumped at least 87 percent in the three trading days through Oct. 8, wiping $6.9 billion from the combined market value of the companies. SGX declared them designated securities on Oct. 6, meaning investors were barred from selling the shares unless they held the same quantity of stock.
“The designation of the stocks and its ending are done in the interest of the investing public and the market,” the exchange said Oct. 18. “SGX will continue to monitor closely the trading activities in the marketplace.”
The lifting of the restrictions is because trading has become more stable, Kelvin Koh, head of market surveillance at SGX, said at a media briefing on Oct. 18.
Asiasons (ACAP) tumbled 96 percent over the three trading days through Oct. 8, while LionGold plunged 87 percent over the three-day period. Blumont, which invests in minerals and energy, slumped 94 percent over two trading days on Oct. 4 and Oct. 7.
SGX plans to add circuit breakers by early next year, it said after the shares plunged.
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