Sino-Forest shares prices july 5 2011

Sino-Forest shares prices july 5 2011, Sino-Forest’s stock prices, west fraser shares prices july 5 2011 : A couple of short weeks after most investors had left Sino-Forest Corp.’s (TRE-T5.291.1929.02%) stock for dead, the beleaguered shares have found a new lease on life.

But as long as the dense fog surrounding the company’s Chinese holdings is still in the air, company followers said, the stock rebound may be short-lived.

Sino-Forest’s shares jumped $1.14 or 27 per cent to $5.29 on the Toronto Stock Exchange Tuesday, the day after Boston-based institutional fund manager Wellington Management Co. LLP disclosed that it had acquired 28.3 million Sino-Forest shares on behalf of clients, or 11.5 per cent of the battered company.

Tuesday’s gains added to Monday’s 30-per-cent surge, and lifted the stock’s gains over the past five trading sessions to 130 per cent. Sino-Forest’s stock had plunged from nearly $20 to less than $2 last month, amid allegations from a hedge fund that the company had grossly overstated the value of its assets.

Wellington’s vote of confidence comes two weeks after the company’s biggest investor – hedge fund Paulson & Co. Inc. – disclosed that it had sold its entire 14.1-per-cent stake. Sino-Forest’s stock sank to its lowest point during the current crisis – $1.29 in intraday trading – on June 21, the day after Paulson’s disclosure.

“Never proclaim a stock dead until it’s delisted and gone,” said analyst and investor Chris Damas of BCMI Research in Barrie, Ont., who bought the stock last month when it first dipped to $4 but got out of it again as it continued to fall.

“This is probably a big short-covering rally, plus traders betting that there are other big institutions that may have also bought some stock,” he said. “It’s hard to say how long this will last.”

Wellington – which previously had a small holding of 79,700 Sino-Forest shares in one of its portfolios as of the end of 2010, according to Bloomberg – is now Sino-Forest’s second-biggest shareholder, after Davis Selected Advisers LP, an Arizona-based mutual fund company that controlled a 12.6-per-cent stake as of its most recent filing on April 29. For the latest updates PRESS CTR + D or visit Stock Market news Today

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