Shares in Pam & Frank International soared 18.51 per cent yesterday, as speculators boosted the stock after its recent tribulations.
The maker of sports and travel bags gained 7.5 cents to 48 cents, with 42.28 million shares traded, the second highest volume in the market.
Brokers, however, played down the sharp rise. One salesman said: 'It was not much more than a punting vehicle.' Another said: 'After all the selling, you would expect some sort of a rebound.' Pam & Frank shares were hammered over the past few months as news of the company's debt burden prompted investors to sell.
The shares headed into a free-fall two weeks ago as Crosby Financial Services and National Bank of Canada sold some of the shares pledged to them.
The controlling shareholders, Frank Yeung Kai-fai and Pamela Yeung Liu-wing, had pledged 47.8 per cent of the company's issued share capital to the third parties as security for a $53 million loan to Mr Yeung.
When the two institutions sold shares to cover margins, the stock tumbled 33.73 per cent on March 7 and 20.9 per cent the following day.
