OIL and gas counters have been in the spotlight of late, as many of them recorded dramatic increases in their share prices, and then fell as investors took profit.
At the forefront of all the attention, however, was O&G support services provider Dayang Enterprise Holdings Bhd .
Since the beginning of the year, Dayang skyrocketed by a spectacular 216% until mid-March, after which it fell some 23% over the past week.
As would be expected, social media and online forums were abuzz with heated discussions on whether or not to hold on to the stock.
The discussions took a sensational turn, however, following a series of blog posts by prominent investor Koon Yew Yin.
Koon, who is known for making big bets on certain listed companies and then promoting them through his blog or during road shows, was seemingly irked by three research houses turning cautious on Dayang and downgrading the stock – leading to a plunge in the share price.