Just as many institutional investors dumped their shares in Sun Hung Kai Properties, some retail investors thought it an opportunity to make some quick money from bargain hunting in the stock. But analysts warn it may be too early to jump in.
SHKP shares rebounded for the first time yesterday since the company's stock resumed trading last Friday, following the ICAC's arrest a day earlier of the co-chairmen of the company, Thomas Kwok Ping-kwong and his brother Raymond Kwok Ping-luen.
However, the reasons for the rebound remained doubtful, analysts said.
The stock closed 1.96 per cent higher at HK$96.25 on a turnover of HK$2.54 billion.
The stock traded slightly lower during the morning but shot up almost 3 per cent after the lunch break following news that the Kwok brothers planned to hold a press briefing later in the afternoon.
On Thursday, the Independent Commission Against Corruption arrested the brothers and Rafael Hui Si-yan, a former chief secretary, as part of an investigation into allegations of bribery and misconduct in public office.
Some retail investors quickly bought into the stock yesterday, perhaps hoping the Kwoks might clarify the situation.