Penny stocks still in play as STI drifts

PENNY stock churning, particularly in Monday's segment leaders ISR Capital, LionGold, Attilan and Blumont continued on Tuesday but price movements were not as aggressive as the day before. The Straits Times Index in the meantime, drifted to a net gain of 2.55 points at 2,854.69, having traded in the red for almost the entire session.

Unit turnover, which swelled to 1.5 billion units on Monday amounted to 1.4 billion units on Tuesday while dollar value was S$928 million compared to Monday's S$748.4 million. Excluding warrants there were 178 rises versus 204 falls.

Penny leader ISR Capital, which traded at S$0.10 two weeks ago but has more than doubled since, slipped S$0.005 to S$0.255 on volume of 31.4 million. Formerly known as Asiasons WFG Financial, a 71 per cent jump on Monday triggered spillover punting in the three counters associated with the penny stock crash three years ago, namely LionGold, Blumont and Asiasons Capital, the latter now renamed as Attilan. ISR's Tuesday pullback meant upward momentum in all three was also curtailed.