Singapore Exchange (SGX) urges investors and potential investors to exercise caution when dealing in shares of Koyo International Limited (Koyo).
The share price of Koyo remained steady to higher from 26 October 2015 to 14 January 2016 despite the decline in the broad market during this period.
SGX’s review of the trades in Koyo showed that a small group of individuals was responsible for 60% of the trading volume of Koyo shares during this period, of which at least half of these trades were due to this group of individuals buying and selling among themselves.
On 13 January 2016, SGX queried Koyo on the unusually high volume of trading of its shares that day, and the company responded on 14 January 2016. Koyo’s response to SGX’s query is found here.
SGX is working with the relevant regulatory agencies on the matter.
Today’s announcement on Koyo shares is the first “Trade with Caution” (TWC) alert following SGX’s enhancement of the TWC warnings to make them more detailed and targeted.