Singapore: The share price of Singapore-listed Beng Kuang Marine fell by 12% today, prompting a query from the Singapore Exchange’s head of surveillance.
The Exchange subsequently issued an advisory, telling traders to “trade with caution”.
Beng Kuang’s price started the day at S$0.199, having been trading flat at around the $0.2 level all week. Its share price fell suddenly to a low of S$0.175 at around 10am Singapore time, before reaching a high of S$0.22 just over an hour later and closing at S$0.2.
In an exchange filing, Beng Kuang stated it is not aware of any reasons that could explain the unusual price movements of its securities.
“In view of the trading activities observed and the Issuer's response, shareholders and potential investors should exercise caution when dealing in the securities,” the Singapore Exchange said today.
“The Exchange will investigate all possible transgressions and will work with the relevant regulatory agencies to pursue actions to maintain a fair, orderly and transparent market.”
Beng Kuang’s shares hit S$0.205 on December 2, the highest level seen in over two years.
The company and its subsidiaries are involved in shipbuilding at its yards in Singapore and Batam, Indonesia; ship conversion, offshore construction and engineering services to the offshore and marine industries. [11/12/14]