SET suspends More Return stocks over irregularities
The Stock Exchange of Thailand (SET) on Monday indefinitely suspended More Return Plc stocks after it noticed irregular trading practices.
The SET put an SP (suspension) mark on the MORE stock sign and suspended trading until investors are provided with comprehensive and accurate information from all sides concerned.
The SET said it noticed irregularities on November 10 when trading in MORE stocks rose to more than 7.14 billion baht – the highest in both SET and MAI (Market for Alternative Investment).
On November 10, MORE stocks opened at 2.90 baht, up 4.3% from its closing price the day before. After the high opening, the price of MORE stocks dropped to the floor.
The following day, MORE stocks continued to drop until they hit 1.34 baht.
Spotting this irregular pattern, SET warned investors to use caution before buying MORE stocks.
Over the weekend, SET said there were inaccurate reports about trading in MORE’s stocks, which could cause confusion and affect the investors’ decisions. Hence, SET said, it decided to suspend trading in the stocks.
According to its website, More Return sells pyrolusite water filters and invests in other businesses.