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SCMP Reporter

IT was another busy day in trading yesterday where brokers watching smaller company share price movements could stock up on their exceptional price and trading volume notices.

   Three companies reported that there was no reason known to their management to explain their respective share prices going through the roof.

  In addition there were reports of three covered warrant buy-backs involving Double Glory on Sino Land along with two reports from Full Rise Development on Hang Lung Development.

  Far East Consortium International and Far East Holdings got back to trading after suspending on Monday.

  Also, a number of second-liners have benefited from the breakthrough in Sino-US textile talks.

  Far East Consortium rose 7.5 cents to $2.475 on a turnover of $10.49 million and share volume of 4.23 million.

   Far East Holdings was also up by 7.5 cents to $2.275 on thin trading.

  The group announced that Far East Consortium was in talks with a mainland third party to buy seven per cent of Far East Holdings with an option for the buyer to take another 4.5 per cent.

  Far East Consortium makes property and food products and has 32 per cent of Far East Holdings, a group in investment property, cinema and leisure linked operations.

  Magnificent Estates, which issued an exceptional price and turnover movement bulletin on Monday, saw its share slump five cents to 38.5 cents in heavy turnover of $80.94 million and volume of 197.85 million, the second most heavily traded stock and the second worst performer of the day.

  Shun Ho Construction, the parent, also slid, down five cents or 6.4 per cent, the 10th-worst performance of the day, to $1.09 on $3 million of turnover.

  Winfoong Investment, a property investment firm with a slice of Nine Queen's Road Central bought for $120.9 million in June, said it did not know why its share price had moved so much.

  The company was the eighth-best performing stock of the day.

   It rose 7.69 per cent or seven cents to 98 cents on turnover of $82.65 million and volume of 83.42 million shares, the third-highest of the day.

  Novel Enterprise, a vertically integrated knitwear maker which is also involved in spinning and weaving, was also obliged to confirm to the market that it knew of no reportable reason under the local-listing rules that would explain the group's share price rise yesterday.

  It saw the second-biggest gain of the day, rising 11.55 per cent or 21.5 cents to $2.075 on turnover of $17.99 million or 8.77 million shares.

  Why the group was obliged to make the exceptional movement statement confused a number of observers, as presumably the success of the Sino-US textile talks on Monday evening, Hong Kong time, would explain the dramatic shift in the stock.

  High Fashion also did well on the heels of the Sino-US agreement.

  The group is primarily engaged in the design, making, marketing and sale of washable silk garments with sales of clothes making up 80 per cent of turnover.

  High Fashion was the best performing stock of the day rising 16.66 per cent or 40 cents to $2.80 on turnover of $3.7 million.



Sino-US textile pact benefits second-liners