Hot stock: PropNex falls back 15.2% from previous week’s highs
Wu Xinyi
SHARES of PropNex opened the new trading week lower on Tuesday (May 2) morning, after a surge in share price at the previous week’s close.
As at 10.29 am, PropNex’s shares were down 15.2 per cent or S$0.19, after 2.9 million shares changed hands. It hit a low of S$1.06 – closer to its adjusted closing price of S$1.005 on Apr 27, before it jumped to S$1.25 on Apr 28.
No married deals were recorded in early trading hours, ShareInvestor data indicated.
The Singapore Government raised its Additional Buyer’s Stamp Duty rates on Apr 27, with foreigners bearing the brunt of the increases. In response, PropNex released a statement of confidence to note foreigners accounted for only 4.4 per cent of its private home sales in 2022.
The real estate agency began trading on an ex-dividend and ex-bonus basis on Apr 28.
As at 10.35 am, PropNex’s shares recovered marginally to S$1.07.
