Hot stock: PropNex triggers SGX query with share price spike; APAC Realty jumps 13%

SHARES of mainboard-listed real estate service providers PropNex OYY and APAC Realty CLN : CLN 0% surged in early trade on Thursday, ahead of the expected release of June data on private residential properties by the Urban Redevelopment Authority on the same day.

Shares of PropNex climbed as much as 11.1 per cent or S$0.22 to S$2.21 with 1.1 million shares changing hands as at 9.41am.

This prompted a query from Singapore Exchange Regulation (SGX Regco) over its "unusual" price movements.

In the query issued at 9.53am, SGX Regco asked PropNex if it was aware of any information not previously announced that might explain the unusual trading activity.

Responding late on Thursday night, PropNex said it was not aware of information that might explain the trading. As for any other possible explanation, PropNex noted Singapore’s continued economic recovery and strong property transaction volumes in the first half of the year.

“As Singapore’s largest listed real estate agency, PropNex Limited is a direct beneficiary of the resilient Singapore property market and the positive economic outlook,” the agency said. It confirmed that it remained in compliance with listing rules.

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APAC Realty, which owns ERA Realty Network, also had a jump in its share price in early trade on Thursday.

Shares of APAC Realty rose by as much as 13.2 per cent or S$0.10 to S$0.86 with 4.9 million shares changing hands as at 10.02am.

At Thursday's close, shares of PropNex had risen 5.53 per cent or S$0.11 to S$2.10, while shares of APAC Realty ended 7.9 per cent or S$0.06 higher at 82 cents.