Worst Performing Stocks of the Week

Submitted by Jim Thesiger on 23 August, 2009 - 05:44

ING Office Fund (IOF), a real estate investor with investments in office buildings in Australia, United States and Europe was the worst performer in the ASX100 index for the week losing 19.6 percent or 11 cents in its stock price and was closed for the week at 45 cents. IOF has a market capitalisation of $1228.1 million. It was a mixture of Office Properties and Utilities companies in the list of the worst performing stocks for the 34th week of 2009: ING Office Fund (IOF), Commonwealth Property Office Fund (CPA), Macquarie Office Trust (MOF), ING Industrial Fund (IIF), Boart Longyear (BLY). Commonwealth Property Office Fund (CPA), an Australia based company that is engaged in office property investment and investment funds was next in the line with a loss of 15.4 percent or 14 cents closing the week at 74 cents. The third worst performer of the ASX100 list was Macquarie Office Trust (MOF), one of the leading office properties owner of Australia which operates in property investment in Australia, USA and Europe with a fall of 15.09 percent or 4 cents closing at 23 cents.

In the ASX200 index, ING Industrial Fund (IIF), ING Office Fund (IOF) and Boart Longyear (BLY) were the three worst performers for this week. Among them, ING Industrial Fund (IIF), a key investor in the real estate business was at the top position. The company with a market capitalisation of $396.9 million lost of 24.7 percent or 12 cents in its stock price closing the week at 35 cents. Next in the list was ING Office Fund (IOF). Boart Longyear (BLY) a company with a market capitalisation of $435.8 million which offers drilling products and services to energy, infrastructure, environmental, mining and mineral industries placed third in the index with a loss of 18.3 percent or 6 cents and was closed at 29 cents.