Be wary of market manipulators
Cheah Chor Sooi | 31 Mar 2017 00:30
With the FBM KLCI continuing to firm above the 1,700-point level – probably backed by foreign funds which mopped up a cumulative net purchase of RM3.23 bil between March 1 and 24 (February 2017: RM956 mil) – it makes valid sense to be vigilant against various manipulative activities which thrive on the social media and internet trading platforms.

Bursa Malaysia recently issued a rare industry communication letter seeking the assistance of stockbrokers to inform their trader representatives and clients to be wary of scams – in particular “pump  and dump” schemes – carried out through the spread of false/misleading statements/news/rumours in investor blogs, chat groups (eg Telegram, Whatsapp and WeChat)/chat rooms, electronic bulletin board postings (on Facebook) or online newsletters.

To a further query by FocusM, the market regulator nevertheless clarifies that the letter “only served as a precautionary action to alert market participants”, contrary to common perception that “pump and dump” schemes are prevalent in the marketplace.

“Bursa will continue to monitor trading activities and take necessary actions (eg unusual market [query, market alerts, etc],” it points out. 

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