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Blumont, Asiasons plunge in flat Singapore market
October 7, 2013 / 6:00 AM / 4 years ago

Blumont, Asiasons plunge in flat Singapore market

Singapore, Oct 7 (Reuters)- - Shares of Singapore diversified holding company Blumont Group Ltd and investment firm Asiasons Capital Ltd plunged on Monday after their trading suspensions were lifted.

Blumont shares tumbled as much as 87 percent with more than 87 million shares traded, 5.7 times the average full-day volume over the past 30 days. Asiasons shares dropped more than 90 percent with more than 64 million shares changing hands, 8.4 times the average volume.

The Singapore Exchange Ltd had imposed suspensions last Friday on the two stocks, as well as gold miner LionGold Corp Ltd, saying the market may not be fully informed of the companies’ affairs after a steep drop in their share prices.

LionGold shares remained untraded after the company asked for the halt to continue, pending an announcement.

The benchmark Straits Times Index eased 0.02 percent to 3,137.4, while MSCI’s broadest index of Asia-Pacific shares outside Japan inched 0.6 percent lower.

Shares of mineral resources firm AsiaPhos Ltd, which focuses on exploring and mining phosphate in China, surged in its trading debut on SGX.

The stock jumped as high as S$0.485, about 94 percent above its initial public offering price. More than 133 million shares were traded and the stock was the top-traded by value on Monday.

The company’s offering of 122 million shares at S$0.25 each was around 3.8 times subscribed, it said in a stock market filing.

Shares of aircraft services firm SIA Engineering outperformed the market, rising as much as 1 percent. Maybank Kim Eng said SIA Engineering is its top pick in Singapore’s transport sector as the company is a “pure play to the aviation growth story in the region”.

The broker has a ‘buy’ rating and S$6.19 target price on SIA Engineering.

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