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Hot stock: Best World tumbles, prompting 3rd query from SGX in six months
THE share price of Best World International tumbled on Tuesday, prompting yet another query from the Singapore Exchange (SGX) - a third from the regulator in the past six months.
Best World, a direct seller of skincare and wellness products, saw its shares open at S$1.87 each on Tuesday, before they tumbled to S$1.71.
At 03:47pm, the stock was hovering around S$1.75, down 20.5 Singapore cents, or 10.5 per cent. Close to 10 million shares changed hands.
Just a year ago, the stock was trading a shade below 30 Singapore cents. But it has been steadily climbing up to hit a high of S$1.955 on Monday before tumbling onTuesday.
Some brokers attributed the change in sentiment on Tuesday could be a result of a local brokerage putting the stock on its restricted list.
SGX last queried the company on January 23, 2017. Best World then attributed its rally from April 21, 2016 to June 8, 2016 to the release of a positive initiation research report by CIMB on the company. It also attributed the rallies from August 24, 2016 to September 6, 2016 to the release of a positive initiation research report by Maybank Kim Eng.
The company has scheduled to release its full year financial results for the financial year ended December 31, 2016 on Wednesday, February 22 after trading hours.
For the third quarter ended September 30, 2016, Best World reported net profit more than doubled from a year ago to S$8.9 million, while revenue grew 99 per cent to S$52.1 million, generated by strong growth in China an Taiwan markets.