Penny stocks in play as blue-chip interest dips
Brokers find sudden burst of activity in speculative small caps, including Attilan, LionGold and Blumont, puzzling
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INTEREST in blue chips has dipped sharply over the past few weeks but although dollar volume on Monday was still heavily concentrated in the 30 Straits Times Index components, speculative small caps were the main volume play, led by some of the names involved in the penny stock crash of October 2013.
These included Attilan Group - the new name of Asiasons Capital - LionGold and Blumont, which were the three central players 31 months ago whose collapse triggered spillover selling of the entire small cap sector.
The Straits Times Index in the meantime, managed a 1.15 points rise to 2,736.06 but it was the pennies which occupied most of the market's attention.
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