Boston, MA 06/17/2014 (wallstreetpr) – Natural gas company, Transportadora de Gas del Sur SA (ADR) (NYSE:TGS) shares were hammered by the bear cartel on Monday as stocks from Argentina witnessed a downside across the board. There is no news from either the company or the brokerages to impact the stock prices in the bourse except the court ruling thus affecting the sentiments unfavorably.
Stock Price
Shares of Transportadora de Gas del Sur SA (ADR) (NYSE:TGS) recorded one of the bad days by recording 10.6% fall to $2.69 on June 16. The stock reached a 52-week high of $3.35 only on June 10. Most of the companies stock from Argentina struck a yearly high only in the last 5 – 10 trading sessions.
While the share price drop in the current month of June was 9.7% based on the June 16 closing price, the stock plummeted as much as 19.7% when compared to the yearly high price.
This is in contrast to the performance in May and April. While the gain in May was 12.9%, April recorded a gain of 10%. For the current year too, the shares of the company are sitting with a pretty gain of 24%. However, compared to the 52-week low price of $1.69, the stock has a solid gain of 59.2%.
On the technical side, Transportadora de Gas del Sur shares closed below 3.6% compared to the 50-day moving average price of $2.79, whereas the stock is sitting with nearly 15% gain from the 200-day moving average price of $2.34.
Volume of Trading
The volume of trading on Monday was significant with 1.26 million shares changing hands. Compared to the three-month average volume of 290.6K shares, trading volume of Monday witnessed at least two times higher and more than double from the 10-day average volume of 496K shares.
There is no news from either Transportadora de Gas del Sur SA (ADR) (NYSE:TGS) or the brokerages. The negative sentiment was mainly due to the court rejecting Argentina’s appeal on restructuring of bonds with the hedge fund threatening to put Argentina into a default status. It can be a panic selling.
