Sarine Tech rises 5% after block trade

TRADING in Sarine Tech, the Israeli diamond processing systems seller, livened up after a block trade of more than 29 million shares was made on Thursday afternoon.

The off-market trade was made at S$0.97. Sarine subsequently closed at S$1.02, up five cents or 5.2 per cent.

The counter has slumped almost 50 per cent this year. For the three months ended Sep 30, 2017, it made a net loss of US$530,000, down from US$3.99 million a year ago.

Revenue fell 35 per cent to US$11.3 million, caused by high inventories of polished diamonds, causing manufacturers to slow production and reduce spending on capital expenditures.