Union Properties' share suspended by DFM for not submitting Q3-21 results on schedule | Property – Gulf News
Trading in Union Properties’ shares on DFM has been suspended for a second time in the last few days – the latest one is because the developer failed to announce its third-quarter results on schedule.
The stock has been volatile all through this period, twice coming close to setting off the circuit-breaker by dropping to 10 per cent. A circuit-breaker relates to a stock being pulled out from trading for a certain time if it shoots up or down beyond a certain percentage. On DFM, the lowest a share can drop is 10 per cent before it gets yanked out – Union Properties fell to below 9 per cent yesterday as well as last week.)
In 2020, during the worst of the pandemic, DFM introduced a 5 per cent downward limit for stocks. But with the return of normality, it has reverted to the 10 per cent limit down cap," said Vijay Valecha, Chief Investment Officer at Century Financial, on the circuit-breaker triggers.
These have been exceptionally difficult times for the company – and not just limited to the stock seesaw. Recent days have seen the developer confirm that the UP chairman is under detention pending investigations by the federal authorities on certain asset sales from last year.
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