Last year, a few ACE (ACE? Bah! For me, it's still MESS-daq ) stocks were listed and because of their stock performance, they caught the attention for all the wrong reasoning.
One of them was Ideal Jacobs.
The following postings were made..
- Ideal Jacobs Promising Debut?
- Ideal Jacobs - Stinking Up The Whole Market
- Yet Another Brilliant Performance From A Newly Listed ACE Stock!
It IPO-ed at 27 sen. Opened at 1.05, reach a high of 1.10... and then.... the stock collapsed and by the next day the stock reached a low of 35.5 sen. ( Hmm.. what's the precise description for such a stock play? Anyone? )
What irked me was the press had the gall to hail it as a promising debut.
Three months later the company reported quarterly losses! ( see Yet Another Brilliant Performance From A Newly Listed ACE Stock! )
Last night Ideal Jacobs announced its earnings.
It lost money again!
Below is the screen shot of what they have done since listing...
Oh... Ideal Jacobs last traded yesterday at 17 sen!!!
Yet another quality listing on Bursa Malaysia!
Comeon... what's the point of listing such quality-less company in the exchange?
Is it to turn the exchange into a bigger casino?
Oh but wait... Bursa is business. It's a listed company. It has to make money!