" The firm?s announcements on acquisitions and investments in nine companies since December last year were mostly small and do not ?sufficiently explain the steep increase?, the SGX said."

Maybe you want to short this BB 

SGX's initial query of Blumont this week, which had been more detailed than usual, also drew praise.

A retail investor said: " It was a pleasant change to see SGX come out strongly to question listed companies whose shares had suddenly surged on high volumes, well exceeding a billion shares in a day, and prices more than doubling in a day for no other reason than announcements of MOUs, which in some cases can be aborted soon after the shares have surged."

But some market observers say that SGX may have moved in a bit late, given that the affected stocks have been rallying for months and that concerns about the fundamentals of some of those companies had existed for years.

One trader said: " These penny stocks, with no fundamentals to speak of, are easily manipulated with various kinds of announcements. Some of them, just a few cents several months ago, are now trading at such lofty prices. The SGX should have queried them earlier."