yeah, the final close price was disappointing. and raise a lot of questions in my head.
In case you are not aware, a normal trade volume for TIE is between 1 million shares to 16 million shares per day, with 3-6 million shares per day being normal.
Today's volume was low, it was under $1m or about 1.4m shares, right until 4 pm closing time.
And then 39+ million shares changed hand at 4.10 pm - which is more volume than what this share usually trades in a week - and despite the enormous surge of demand, the price closed lower.
Who are the big sellers with 13 million shares, 5 million shares etc? who is the big buyer with 30 million shares and 4 million shares? are they separate big whales or the same whale playing around? what do they gain by increasing the trading volume of this stock today from 1 million to 41 million right at the closing auction?
Remember that at the current market cap, 40 millions trade is around 4% of the entire company, right below the volume where they have to declare their interest to ASX.
Anyway, my random theory at the moment is either
some AI bots is buggy and buying and selling between themselves at 40x higher volume than the entire transaction of the day
some dodgy transactions is happening ; but big owners should buy off the market between themselves - what do they gain by blatantly putting their big buy and sell in the public market right at closing price?
was the big buy (which was put at 4.04 pm - increasing expected close price from 73 cents to 76.5 cents) a bait to get people to sell larger volume, and then when people start to underbid, they put a big sell order to push the price down to 72.5 in the final 2 minutes?
I found it highly curious, but in practical term I suppose it does not mean much. Whatever their motivation was, it still pushes the closing price down.
TIE Price at posting:
72.5¢ Sentiment: None Disclosure: Held
