[ad_1]
Wed, Sep 23, 2020 – 2:05 pm
Apparel maker MEDICAL Medtecs International and future glove set Aspen (Group) Holdings saw their share prices rise even higher on Wednesday as large volumes changed hands.
Medtecs, which is listed on Catalist, was up 9.3% or S $ 0.11 at S $ 1.29 as of 1:38 PM, after 38.5 million shares were traded. By value, it was the most traded window on the Singapore Stock Exchange (SGX) in the afternoon.
The stock price began its uptrend on Monday, gradually rebounding from the slide from the August 21 high of S $ 1.85. In the week, it has increased by more than 20 percent.
Last Friday, SGX asked Medtecs about its “unusual price movements”, as the shares fell 0.11 Singapore dollars or 9.3 percent to end at 1.07 Singapore dollars. That was the second inquiry that the stock operator made to the company in three months. Medtecs responded late Friday that it was not aware of any possible explanation for the trading activity during the day.
Meanwhile, property developer Aspen, which trades on the motherboard, gained 10.8 percent or two Singapore cents to 20.5 cents as of 1:38 p.m. Wednesday. Some 25.4 million shares had changed hands by then, making it the seventh most traded by volume.
Shares of Aspen had risen 21.7 percent to close at 18.5 cents on Tuesday, before the Malaysian firm announced that it named Calvin Ng as COO of its new glove unit. Mr. Ng, 48, had held senior leadership positions for the past two decades in the rubber glove manufacturing industry.
The company also said Tuesday that it will increase its production capacity to 1.5 billion gloves per year for the first phase, up from 1.1 billion initially projected. Aspen is negotiating with potential buyers to secure future orders.
It has started the piling work and construction of the manufacturing facility at Kulim High-Tech Park in Malaysia, and aims to complete the main works of the building by March 2021.
Last month, Aspen said it would diversify its real estate business to enter the glove-making space.
Other glove stocks on the Singapore exchange performed more moderately on Wednesday.
Top Glove, the world’s largest glove maker, lost 0.8 percent or S $ 0.02 to trade at S $ 2.62 as of 2:46 p.m., after 3.7 million shares traded. hands.
Riverstone Holdings fell S $ 0.09 or 2.6% to S $ 3.37 in 1.5 million shares, while UG Healthcare was up 4.6% or S $ 0.10 to S $ 2.27 with 1 , 1 million shares traded.
[ad_2]
