NOL Shares Drop On Re-Rating Rumor
Thursday, December 09, 1999
Shares of Neptune Orient Lines (NOL) fell almost seven percent in heavy trade on talk there was some re-rating of the stock following changes in the Morgan Stanley Capital International (MSCi) index. The shipping group was down 15 cents or six percent at S$2.28 after hitting a low of S$2.26 earlier. Aside from the index news, there is reportedly concern that the group could be affected by rising bunkering charges.
Put in perspective, the drop is minimal considering that NOL has been a top performer on the Singapore bourse this year, up nearly 350 percent.