Penny stocks drop on news of investigation

MAS and SGX to conduct review of activities leading to meteoric rise of Asiasons, Blumont and LionGold

Published Fri, Oct 25, 2013 · 10:00 PM

Singapore

JUST as shares of Asiasons Capital, Blumont Group and LionGold Corp shares appeared to be clambering out of their doldrums, news of the Monetary Authority of Singapore's (MAS) investigation into their trading activities dragged them down again.

"MAS and the Singapore Exchange (SGX) are conducting an extensive review of the activities around these stocks," MAS said in a statement yesterday. "This episode has also surfaced broader issues regarding the market structure and practices which MAS and SGX intend to review thoroughly."

All three stocks slid to their lowest level in a week as skittish investors took profit. Asiasons shares fell 18 per cent to 19 cents, Blumont stock dropped 19 per cent to 16 ce…

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