Now, if this is not “goreng” (speculations), I don’t know what it is.
Business Times on the surges and plunges…
Iris and MoBif’s share price fell steeply yesterday, their combined trading volumes accounting for 27 per cent of the stock market’s entire volume. The two were yesterday’s most actively traded stocks.MoBif, a technology and Internet telephony company, erased half its value, its share price falling by RM1.83 to RM1.77.
Iris, meanwhile, lost a quarter of its value, sinking 9 sen to an 8-month low of 26.5 sen. Some 28.2 million shares changed hands.
The overall stock market however fared well, with the benchmark Kuala Lumpur Composite Index making its biggest gain in three weeks. It added 4.1 points to 942.08.
“The high volumes in these stocks don’t reflect the market’s supply and demand. There is very high velocity, but we don’t know who is doing the buying and selling,” remarked the chief investment officer of a fund management firm.
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