Sino Construction shares take another hard knock

Singapore

SINO Construction took another hit on Tuesday, with another 48.7 per cent of its value wiped off during the session. This comes after its share price had tumbled 55.8 per cent on Monday, after the company warned on Friday of an expected net loss for FY14 and a month-long extension to its financial results release.

On Tuesday, Sino Construction closed trading at S$0.06, with about 56.8 million shares changing hands, compared to 11.5 million the day before. The company has a total of 1.3 billion shares on issue. Within two sessions, the company has lost nearly three-quarters of its market capitalisation, raising speculation that some of its shareholders were hit by margin calls. Some brokers noted that there was some short covering towards the close on Tuesday.