Best World shares slide further to hit 6-month low
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Singapore
BEST World International lost more than a fifth of its market value on Thursday to reach a six-month closing low as a broker downgraded the stock amid concerns about China's crackdown on pyramid selling schemes.
Shares of Best World, a beauty products marketing company that is on the verge of beginning direct selling in China, closed at S$1.035 on Thursday, down by 22.8 per cent or 30.5 Singapore cents. It was the third straight decline for the stock after China's State Administration for Industry & Commerce (SAIC) announced on Aug 14 that it would begin a three-month campaign to clamp down on pyramid schemes. Since then, Best World has lost almost a third of its market value.
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