Markets
Singapore Hot Stocks-Sheng Siong falls after run-up
SINGAPORE : Shares of Singapore supermarket chain Sheng Siong fell as much as 16 percent on Thursday following a run-up
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SINGAPORE: Shares of Singapore supermarket chain Sheng Siong fell as much as 16 percent on Thursday following a run-up in the previous sessions on hopes that the company has a recession-proof business.
At 0317 GMT, Sheng Siong shares were down 8.9 percent at S$0.51 on a volume of around 160 million shares -- the top traded stock by volume so far.
"The stock has run up a lot so people may think it's a bit overdone. The general sentiment is also slightly better so people may be turning to the beaten down stocks," said a local trader.
Even after the fall, Sheng Siong shares were still around 55 percent higher than the IPO price of S$0.33 on Aug 17.
Copyright Reuters, 2011
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