And E&O Plunges After SC Denies MGO Rumours

The day after And The Sources Strikes Big At E&O

• Published: Monday August 13, 2012 MYT 9:17:00 AM
  E&O slides after SC refutes MGO report
  KUALA LUMPUR: The securities of Eastern & Oriental Bhd (E&O) fell after the Securities Commission refuted a portal news report that it would force Sime Darby Bhd to undertake a mandatory general offer for the remaining E&O shares.
  
  At 9.01am, E&O fell 30 sen to RM1.60 with 2.57 million shares done, the call warrants, E&O-CA fell 10.5 sen to six sen, E&O-CE tumbled nine sen to 10.5 sen and E&O-CG lost 6.5 sen to 20.5 sen.
  
  The FBM KLCI rose 2.74 points to 1,648.10. Turnover was 29.13 million shares valued at RM25.05mil. There were 81 gainers, 45 losers and 94 counters unchanged.
  
  Last Friday, the SC said its position on the MGO requirement in the Sime Darby E&O share acquisition remained unchanged as per the SC statement issued on Oct 11, 2011.
  
  "The decision is now subject to judicial review which is pending in court," it said in a statement.

Here's how the stock traded today.

The daily chart tells a better picture.

But none tells a better than the following chart.

Note how the stock shot up after the 'according to sources' news was posted after 4 pm.

Shall we say thanks to the 'sources' now....