Traders position for dovish FOMC
Penny stocks in play led by ISR Capital, while ST Index drifts before late afternoon surge
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THE Straits Times Index on Monday drifted within a narrow band before a late afternoon push took it up 24.69 points to 2,852.14, ahead of this week's US Federal Open Market Committee (FOMC) meeting. The bounce came after an 80-point jump in the Dow futures and after Europe opened in the black.
The real action though, was in penny stocks led by fund managers ISR Capital (the former Asiasons WFG Financial). ISR's stunning S$0.108 or 71 per cent rocket up to S$0.26 on volume of 88.8 million appeared to spark interest in the three penny stocks responsible for the penny segment's October 2013 crash - LionGold, Blumont and Asiasons, the latter now known as Attilan. All three finished with gains in high volume.
ISR was queried last week by the Singapore Exchange and replied in the negative. "Much of the volume in many of these stocks can disappear as quickly as it appeared," said a dealer.
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