Hot stock: Kore drops as much as 25% on news of portfolio devaluation, results delay

UNITS of Keppel Pacific Oak US Reit (Kore) fell on Wednesday (Jan 31) morning the day after its manager announced that the real estate investment trust’s (Reit) portfolio valuation as at end-2023 fell 6.8 per cent to US$1.3 billion.

The counter slid as much as US$0.08 or 25 per cent to US$0.24 as at 9.52 am, amid heavy trading volumes with 4.3 million of its units changing hands, which is well above the Reit’s daily average volume of 2.6 million.

It later recovered slightly to trade at US$0.26 at the midday break, down 18.8 per cent or US$0.06, after 7.8 million units were transacted.