UniSouth returns with a whimper

UNISOUTH lost 13.4 per cent to close down $1.60 at $10.30 after its resumption of trading yesterday.

The company was last week taken over by Dynamic, which now has 91.95 per cent of UniSouth shares. Dynamic has undertaken to reduce its holding in UniSouth to 75 per cent to maintain the listing of the company.

Dynamic, which said it intended to diversify from its core textiles business, is looking at 10 projects as potential acquisitions.

Half are in China and include infrastructure equipment and cabling operations.

Jewellery maker Fu Hui slipped seven cents to 77 cents.

The company, which is a joint venture of Fujian Jewellery, sells jade in Hong Kong and Taiwan.

Fu Hui, which has used its Fujian contacts to help move into the mainland property construction field, is involved in a large project with Cheung Kong in Fujian.

Its other projects are Hong Kong property and sales of industrial products.

Leather retailer Righteous was the fifth best performing stock.

The counter gained two cents to 34.5 cents.

Playmates Toys surged for the second day in a row.

The counter gained 4.9 per cent to close 12.5 cents higher $2.675.

Construction group Leung Kee fell three cents to 51 cents, making it the seventh-worst performing stock of the day.

Chinese Estates was the fourth-heaviest stock, with $124.24 million worth of shares traded.

The share price crept up 10 cents to $8.10.

The company has been a heavy buyer of its shares over the past two months, but the identity of the buyer of the bulk of them remains a mystery.

However, attempts have been made in the past by the Lau brothers, who control the company, to take it private.