Newspaper publishes 'speculation' and the stock flies!
If it was a coffee shop market talk, perhaps it's understandable. However, when the weekly Financial papers keep churning out 'according to sources' stories and the stock flies the next day, don't you ever wonder?
Yeah... exactly! Apparently our financial media is just a tool to push stocks up! However I do hope I am wrong on that!
EPIC surges on proposed privatisation report
ps: posted the other day: Should Media Continue To Spin News To Drive A Stock Up? (E&O had since denied the story!)
Spinning story is an extremely profitable business. People would profit million bucks by putting out a few pages of marvellous research within few days. There is no reason not to continue such a lucrative business...
ReplyDeleteOn Star Business: EPIC: No change in shareholding
ReplyDeleteTuesday August 10, 2010
EPIC: No change in shareholding
KUALA TERENGGANU: Petroleum supply base operator Eastern Pacific Industrial Corp Bhd (EPIC) has denied there will be a change in the company’s major shareholding soon.
Chief executive officer Ramli Shahul Hameed said that since last Thursday, the company’s share price on Bursa Malaysia had increased from RM1.80 to RM2.30 a piece.
“We are happy about the rise in share prices. We deny that the increase has to do with a report in a newspaper last Thursday of an impending change in the company’s major shareholding,” he told Bernama yesterday.
Ramli said the rise in share price was due to the performance of the company, which achieved a 21% growth in revenue to RM109mil for the first half of this year compared with the same period last year.
“Pre-tax profit rose 31% to RM36.4mil from RM27.8mil previously,” he said.
He said the good results were due to improvement in the company’s operations. — Bernama
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End result?
EPIC right now is DOWN 11 sen or 4.8%!!!!