Singapore Exchange Regulation has issued a "trade with caution" alert on shares of 9R Limited (SGX:1Y1), citing concerns over concentrated trading activity, according to a Wednesday filing on the Singapore Exchange.
SGX RegCo flagged that between June 4 and Nov. 8, a small number of accounts drove about 85% of buy trades in 9R shares, with many clients behind these accounts appearing to be linked.
9R shares rose 48.7% to SG$0.058 on Aug. 14 from SG$0.039 on June 4, despite the FTSE Catalist Index dropping 3.2% during the same period.
The company posted a half-yearly loss and negative cash flow in August, but its share price remained steady until early November.
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