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Friday, June 4, 2010

Kenmark vs Rule #1

Kenmark became KLCI star of the week, month or perhaps the year. I hope you are not holding or buying any of it?

Several financial institutions, including a number of stand-alone brokerages, may be facing millions in losses after they were forced to dump shares in Kenmark, previously held as collaterals, at rock bottom prices. They were forced to sell the pledged Kenmark shares after their clients were unable to top up their margin accounts. The margin call was triggered after the stock price sank below a pre-determined threshold level. The loses they suffered are a few millions ringgits.

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