SGX RegCo warns investors on trading Mirach Energy shares

Its share price jumped 164% to 37 cents in ten days.

The Singapore Exchange Regulation (SGX RegCo) told investors to exercise caution in dealing with Mirach Energy shares amidst unusual share movements, according to an announcement.

Mirach’s share price jumped 164% to 37 cents in 5 November from 25 September, after SGX RegCo issued a Trade with Caution on trading in Mirach shares.

SGX RegCo found in a review that a single omnibus trading account accounted for 88.7% of Mirach’s buy volume from 7 October to 5 November, with 4 individual trading accounts running the omnibus trading account. It has directed the trading member to place restrictions on these accounts.

The RegCo said that it issued a trading query to Mirach for unusual share price movements on 18 October. However, the share price continued to climb despite Mirach’s negative response to the query. A second query was issued on 5 November, which was also responded to negatively.