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Hot stock: Y Ventures shares jump 22.5%, prompting 2nd SGX query in 3 months

THE Singapore Exchange (SGX) on Tuesday queried Catalist-listed Y Ventures on "unusual price movements" in its shares after the counter surged 22.5 per cent in morning trade.

At the midday break on Tuesday, shares in the e-commerce and data analytics firm were trading at 12.5 Singapore cents, up 2.3 cents or 22.5 per cent, with 19.5 million shares traded. It was one of the most heavily traded securities on the Singapore bourse for the morning.

The share price surged further afterwards, gaining three cents or 29.4 per cent on the day to trade at 13.2 cents as at 3.16pm.

In a filing on Tuesday morning, SGX asked Y Ventures whether it is aware of any possible explanation for the trading activity.

Y Ventures replied in the afternoon that it does not know of any possible reasons or any information not previously announced concerning the company which might explain the sharp increase in its share price and trading volume. It also confirmed that it is in compliance with listing rules.

The company’s latest exchange filing was made on May 21, when it announced that independent director Wong Sok Mei had quit as chairman of the audit committee and as a member of the nominating committee and the remuneration committee.

The query on Tuesday is the bourse operator’s second one issued to Y Ventures in the past three months.

On April 4, shares in Y Ventures soared 41.3 per cent or 2.6 Singapore cents to 8.9 cents, with 26.9 million shares changing hands. The counter hit a high then of 10 cents in intraday trading.

In reply to SGX’s query on April 4, the company likewise said it could not explain the increase in share price and trading volume.

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