Tuesday 6 February 2024

The Pirates Of Bursa Malaysia : Hong Seng, Satu Sen!!!

TO think that in less than six months, Hong Seng Consolidated Bhd, a company, with a tradeable market capitalisation of RM3.396 billion, had fallen to its current market value of only RM77 million, is shocking but for very different reasons.

BASICALLY, in a mere 122 trading days (rough estimate)  Hong Seng Consolidated had lost RM3.319 billion of it's market capitalisation or about 39 PERCENT of the losses amounting to READ : RM8.36 billion suffered by more than a dozen companies in the most recent selldown.

BUT if we were to stretch the Hong Seng Consolidated Bhd's time line a bit further than the loss in market capitalisation becomes much more steeper ;  in excess of RM7 billion Ringgit.

TODAY, Hong Seng trades at 1.5 sen, but faces the prospect of more selldowns, as VIEW :  two of it's executive directors have signaled to the market that they intend to trade during the close period.

IN recent times, such trades have resulted in a sell off of Hong Seng Consolidated shares. 

SO what's the shocking part here? Well the exchange especially Bursa Malaysia under Wahid Omar have kept closing their eyes to the red flags raised, that what ails Hong Seng, has actually ailed the entire market.

WHAT transpired next, was the usual suspects, dubious announcements to the stock exchange, hot money and fake accounts.READ : YNH says ALX Asset can’t raise enough fund to buy 163 Retail Park