OWG (5260) - Investors take profit on OWG shares
KUALA LUMPUR: Only World Group Holdings Bhd (OWG) fell as much as seven sen or 5.34% to RM1.24 yesterday as investors locked in gains from the stock’s earlier rise.
Food service and amusement park operator OWG (fundamental score: N/A; valuation score: N/A) reached an intraday high of RM1.35 and fell to a low of RM1.24, before gaining some grounds to close at RM1.29 yesterday, down two sen or 1.53%, giving it a market capitalisation of RM238.65 million.
OWG shares had earlier risen after The Edge Financial Daily reported yesterday that the over 50% rise in OWG’s share price since the end of January had raised eyebrows.
According to the the daily, dealers attributed OWG’s share price rally to a strong recommendation by a local investment bank and rumours that Genting group chief Tan Sri Lim Kok Thay had invested in the firm.
OWG officials said they were, however, not aware of rumours on Lim’s investment in the company, said the daily.
OWG was listed in December 2014 at an initial public offering price of 88 sen. Year-to-date (2015), the share price has grown 43.82%, significantly outperforming the FBM KLCI’s 3% gain.
http://www.theedgemarkets.com/en/node/184022
KUALA LUMPUR: Only World Group Holdings Bhd (OWG) fell as much as seven sen or 5.34% to RM1.24 yesterday as investors locked in gains from the stock’s earlier rise.
Food service and amusement park operator OWG (fundamental score: N/A; valuation score: N/A) reached an intraday high of RM1.35 and fell to a low of RM1.24, before gaining some grounds to close at RM1.29 yesterday, down two sen or 1.53%, giving it a market capitalisation of RM238.65 million.
OWG shares had earlier risen after The Edge Financial Daily reported yesterday that the over 50% rise in OWG’s share price since the end of January had raised eyebrows.
According to the the daily, dealers attributed OWG’s share price rally to a strong recommendation by a local investment bank and rumours that Genting group chief Tan Sri Lim Kok Thay had invested in the firm.
OWG officials said they were, however, not aware of rumours on Lim’s investment in the company, said the daily.
OWG was listed in December 2014 at an initial public offering price of 88 sen. Year-to-date (2015), the share price has grown 43.82%, significantly outperforming the FBM KLCI’s 3% gain.
http://www.theedgemarkets.com/en/node/184022
