Reuters: Hot Stocks: REFILE-Singapore Exchange says no trading curbs needed on Sky One

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REFILE-Singapore Exchange says no trading curbs needed on Sky One Oct 30th 2013, 10:24 Share this Email Print Reprints SINGAPORE | Wed Oct 30, 2013 6:07am EDT SINGAPORE Oct 30 (Reuters) - Singapore Exchange Ltd , under scrutiny for its market controls after a penny stock crash this month, said on Wednesday a plunge in the share price of small-cap company Sky One Holdings Ltd was not due to disorderly trading. Shares in Sky One, valued at S$149 million ($120 million) on Friday, fell as much 91.5 percent on Monday before trading was halted. SGX had queried the company on the price fall and Sky One said it was not aware of any "possible explanation" behind the price move. The plunge in Sky One's shares prompted many brokers to set trading curbs on it this week, the Business Times newspaper reported on Wednesday. The newspaper also asked by SGX had not curbed trading in Sky One as it had done in three other stocks after steep price falls. "In the case of Sky One, SGX's review of the circumstances revealed no threat to fair, orderly and transparent trading. Hence, no suspension occurred," the exchange said in a statement on Wednesday. SGX's ability to regulate the market came under scrutiny this month after sudden price declines in Blumont Group Ltd , LionGold Corp, and Asiasons Capital Ltd following huge run-ups earlier in the year. "In the case of Blumont, Asiasons and LionGold, SGX's review showed disorderliness in the market, and lack of transparency which could also threaten the fairness of trading," SGX said. Sky One's shares declined on Tuesday and Wednesday. Through a reverse takeover announced over a year ago, Sky One aims to transform itself into an Indonesia-focused coal mining company from a logistics firm. ($1 = 1.2391 Singapore dollars) (Reporting by Anshuman Daga; Editing by Miral Fahmy) Link this Share this Digg this Email Reprints

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