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Hot stock: Creative Technology shares gain 9.5% to close the year out at S$3.79
SHARES in consumer electronics firm Creative Technology were on a tear, gaining some 9.5 per cent during Monday's trading session, with the stock advancing 33 Singapore cents to S$3.79 with about 641,850 shares in the home-grown firm were being traded on the day.
Its shares were trading up to 31 per cent higher at S$3.97 around 10.57 am.
Last week, Creative registered four consecutive days of losses before rebounding on Friday with a 5.5 per cent or 18 Singapore cent gain to S$3.46. The counter closed under S$4 for the first time since February on Dec 26, when it ended at S$3.96.
The firm was queried by the Singapore Exchange for its unusual share price movement, after shares tumbled by more than 16 per cent last Wednesday. Creative responded that it was unaware of anything that might explain the unusual movements, and confirmed its compliance with the listing rules.
In its results for the first quarter ended Sept 30, released on Oct 30, Creative posted a net loss of US$6.1 million, reversing from a profit of US$22.8 million in the year-ago period. The company said at the time that it expects no significant change in market conditions, with the overall market for its products remaining challenging.
But with higher revenue expected in the holiday season and a small revenue contribution from Super X-Fi audio products - newly launched in the United States - Creative said that it expected an improvement in operating results for the quarter.