OOIL in choppy waters as it sinks to a loss
It has been an up-and-down few weeks for Orient Overseas (International) Ltd and yesterday was no different when the shipping company posted its first loss in a decade as sales continue to slump in the global economic downturn.
With expectations that a recovery may not come soon, the share price sank 7.64 per cent yesterday, capping off a three-day decline. That comes after the stock jumped 18.26 per cent the previous week. But even that swing barely registers compared to the market-rattling one that occurred three weeks ago.
In a series of last-minute trades on July 16, the stock nose-dived by nearly a third to finish the day down 31.95 per cent at a 2 1/2month low. With no apparent reason for the sudden sell-down, buyers queued up to order the following morning sending the stock whooshing up as much as 52.17 per cent.
Some curious reporters asked the management of OOIL at yesterday's results briefing whether there was any more information regarding that fateful swing. But they were told that the reasons behind it were still unclear.
Gome still analysts' favourite
