Penny stocks in heavy speculative play on Wednesday
PENNY stock fever was gripping Singapore's stock market on Wednesday, with a whooping 6.96 billion shares having changed hands around 3pm.
But these units were worth only $932 million, showing the interest was in low-priced counters.
Much of the volume was generated by remisiers trading on their own accounts, as they tried to make a quick profit amid a general lack of business from retail clients.
The flavour of the day was Ipco International. Over 1.42 billion units of the stock had changed hands by around 3pm.