Creative Technology down 16.75%, queried by SGX

CREATIVE Technology was queried by the Singapore Exchange on unusual share-price movement on Thursday, after its shares tumbled in the afternoon.

The stock began to fall around 1.45 pm and was down 52 Singapore cents or about 13 per cent to S$3.42 by 3.40 pm. The SGX query seeking an explanation for the trading behaviour came in at 3.45 pm.

Responding to the query at 7.08 pm, Creative said that it was not aware of anything that might explain the unusual price movements, and confirmed its compliance with the listing rules.

Creative was eventually the top loser on Thursday, with its shares down 66 Singapore cents or 16.75 per cent to S$3.28 at the market close. This was the second day of steep decline after Christmas, with the stock having plunged 76 Singapore cents or 16.2 per cent to S$3.94 on Boxing Day.

In its results for the first quarter ended Sept 30, released on Oct 30, Creative posted a net loss of US$6.1 million, reversing from a profit of US$22.8 million in the year-ago period. It said at the time that it expects no significant change in the market conditions, with the overall market for its products remaining challenging.

However, with higher revenue expected in the holiday season and a small revenue contribution from Super X-Fi audio products - newly launched in the United States - Creative said that it expected an improvement in operating results for the quarter.

This article was first published in The Business Times. Permission required for reproduction.