It was well-staged. Spread a rumour that a Chinese machinery company is buying a chunk of Welli stocks at RM4.00, and the market freaked out. The stock was chased up until RM3.20 on heavy volume buying with obviously churns by helpful syndicates. When queried by SC, the company played down the rumour saying they were uncertain who among the shareholders were selling. The stock plummeted to RM2.00 and floated around that price.
However, when the company was about to issue their 2006 Annual report and First Quarterly Report 2007, they were requested to refrain from releasing the reports because of dubious receivables. The shares of Welli fell to RM1.20 level.
Then news of the Hadhari Cattle Industry buying over 19% of Welli stocks hit the market. The shares was once more feverishly chased up to RM1.91. It settled at the RM1.70 level. The latest news of Welli buying over Dashi Chifeng shares in China as well as signing an agreement with the Inner Mongolian authorities to participate in gold mining, new town development and construction of tolled road businesses did not move the counter.
Slowly by attrition bargain hunting, the shares were eroded to the RM1.20 level. Then the sub-prime imbroglio hit world markets for 9 days. Welli went down to 99 sen.
Today, despite a sliding market. Welli held its own to tack on 12 sen to RM1.24 on heavy volume. Is something in the works? Some good news is definitely going to be announced very soon and those in the know are busy collecting them yesterday and today.
Will Welli break out and never look back? I hope so.
Heartsong
However, when the company was about to issue their 2006 Annual report and First Quarterly Report 2007, they were requested to refrain from releasing the reports because of dubious receivables. The shares of Welli fell to RM1.20 level.
Then news of the Hadhari Cattle Industry buying over 19% of Welli stocks hit the market. The shares was once more feverishly chased up to RM1.91. It settled at the RM1.70 level. The latest news of Welli buying over Dashi Chifeng shares in China as well as signing an agreement with the Inner Mongolian authorities to participate in gold mining, new town development and construction of tolled road businesses did not move the counter.
Slowly by attrition bargain hunting, the shares were eroded to the RM1.20 level. Then the sub-prime imbroglio hit world markets for 9 days. Welli went down to 99 sen.
Today, despite a sliding market. Welli held its own to tack on 12 sen to RM1.24 on heavy volume. Is something in the works? Some good news is definitely going to be announced very soon and those in the know are busy collecting them yesterday and today.
Will Welli break out and never look back? I hope so.
Heartsong
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