ISR Capital hits new high of 26 cents, up 4,233% year to date

SINGAPORE (Sept 21): ISR Capital, which surged more than 70% over the last two trading days, has dropped by as much as a-fifth thus far this morning.

(See also: ISR Capital hits new high of 23 cents, up 3,700% year to date)

(See also: ISR Capital draws query from SGX)

(See also: ISR Capital taps new shareholders with $12 mil placement)

As at 10.14am, the counter was trading at 21 cents, down 4.5 cents from yesterday&rsquo s close.

In a note sent out yesterday evening after market closed, Philip Securities announced that online trading restrictions will be placed on the counter.

&ldquo Long trades on the counter would solely be on a broker-assisted basis. We also request you to be mindful of your clients&rsquo aggregate exposure in the counter,&rdquo writes Philip Ng, head of credit at the brokerage&rsquo s credit administration department.

Another leading brokerage, CIMB, has also imposed similar restrictions on this stock.

Even with the drop, ISR, which is trying to acquire a 60% stake rare earth concession in Madagascar for $40 million, is still up some 4,000% year to date. The same concession was previously sold for 3.7 million euros ($1.4 million).

In a list updated on July 29, UOB KayHian has already included ISR Capital among the list of restricted stocks for online trading.

UOB KayHian&rsquo s list contains another 50 other counters, including Asia Medic, a counter which is also seeing unusual trading activity.

Thus far today, Asia Medic was up as much as 3.9 cents, or nearly 60%, to 10.6 cents. As at 10.11am, the counter eased back to 9.2 cents. It has nevertheless drawn a query from the Singapore Exchange.