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Hot stock: Jiutian Chemical loses 23.5% on heavy volumes as rally fizzles

SHARES of Catalist-listed C8R sank to a two-week low on Thursday amid active trading, unwinding recent gains.

The counter hit an intraday low of 8.8 Singapore cents on Thursday, down 23.5 per cent or 2.7 cents. The last time the counter closed near this level was on Oct 26.

It was the most heavily traded by volume on the Singapore bourse as at 2.39pm on Thursday, dropping 20.9 per cent or 2.4 Singapore cents to 9.1 cents, with 620 million shares changing hands. That is about 19.3 per cent of its monthly average trading volume in the last three months, based on the Singapore Exchange's website.

Jiutian Chemical, which produces coal-based fine chemicals, saw its share price rally in recent months. Just on Oct 28, the company's shares surged in volume after it completed a share placement. Jiutian Chemical raised about S$10.3 million on Oct 27 through a non-underwritten placement of 170 million new shares at an issue price of 6.03 Singapore cents apiece.

The sagging stock price on Thursday also came despite a record set of results posted on Wednesday - a Q3 attributable net profit of 51.9 million yuan (S$10.5 million) for the three months ended Sept 30, compared with just 2.4 million yuan a year ago.

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This was also a significant jump from its 32.6 million yuan net profit reported for the preceding quarter - in itself a record quarterly net profit since the firm was listed in 2006.

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