Hot stock: Golden Energy falls 27.2% on heavy trading, prompting SGX query

SHARES of Golden Energy and Resources (Gear) fell sharply on Tuesday (Nov 8) morning amid heavy trading, a week after news that the coal miner will be restructuring or exiting its energy coal business.

The counter began steadily falling after opening at S$0.92, reaching S$0.87 to represent a 3.3 per cent or S$0.03 decline as at 11 am with some 10.2 million shares traded. By 11.35 am, Gear had plunged further to S$0.77, down S$0.13 or 14.4 per cent with a total of 16.9 million securities changing hands.

The Singapore Exchange (SGX) issued a query at 11.37 am regarding the company’s “unusual” share price movements.