Blumont beats retreat after relentless surge

BLUMONT Group yesterday called for a trading halt to be imposed today "pending release of (an) announcement" as shares in the company surrendered more gains yesterday after a U-turn on Wednesday from its long rally.

The stock closed the day down 37 cents, or 15 per cent, at $2.02, after Wednesday's five-cent fall, in what some observers see as an indication that the stock is losing steam after a relentless surge this year.

About 28 million shares worth $64 million changed hands, making the company the second-most traded stock by value on the Singapore Exchange (SGX) yesterday, ahead of blue chips like UOB, DBS and Keppel Corp.