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Sudden surge for The Hour Glass as STI meanders sideways

The Edge Singapore
The Edge Singapore 5/21/2021 7:47 PM GMT+08  • 3 min read
Sudden surge for The Hour Glass as STI meanders sideways
The Hour Glass experienced a price and volume surge that took prices to above the book value of 97 cents.
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The Hour Glass’ share price surged on May 21 accompanied by a simultaneous surge in volume. As a result, at the closing of $1.08 on May 21, prices are at a 20 year high, and above the Mar 31, 2021 net asset value of 97 cents. Because of the price surge, technically, prices look like they have broken out of a sideways range. Despite an indicated upside, prices could turnaround and fall swiftly, as it must be said that this counter is relatively illiquid. In addition, because of the volume surge, the company is likely to elicit a query from the regulator.

At the other end of the spectrum, investors are concerned about Singapore Airlines as both traders and investors are cautious about the impact of more mandatory convertible bonds.

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