Trading in MORE resumes, hits new low

The Stock Exchange of Thailand (SET) on Monday allowed resumed trading of More Return Plc (MORE) stock after the Anti-Money Laundering Office (ALMO) froze 34 accounts related to unusual transactions in the shares on Nov 10-11.

More Return, which was listed on the Market for Alternative Investment (MAI), was suspended from trading from Nov 14-18 after the regulator noticed unusual trading the previous Thursday and Friday, and as brokers alleged irregularities in complaints filed with police.

The SET, Amlo, the Association of Securities Companies (Asco) and other agencies cooperated in investigating the transactions, which caused damage of at least 4.3 billion baht to brokers.

MORE shares involved trading orders of 7.12 billion baht, ranking top of trading value on both the SET and the MAI on Nov 10. The price opened to 2.90 baht on Nov 10 but fell sharply the same day to the floor before sliding to a new low of 1.37 on Nov 11.

When the SP (suspension) sign was removed on Monday and MORE shares resumed trading, the price plummeted to a new low of 0.96 baht.

SET president Pakorn Peetathawatchai told reporters the decline in the MORE share price was unlikely to affect the financial stability of brokers.

Amlo has frozen 34 accounts related to irregular trading in MORE, for examination.

More Return is officially said to do business in the energy, water and property sectors.

Most of the suspicious purchase orders came from a major shareholder of the company, with sales also coming from the same person.

It was reported that many securities firms did not receive money for buy orders for MORE, but still had to pay the seller.

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