KUALA LUMPUR, Malaysia (July 9): Bursa Malaysia has issued an unusual market activity (UMA) query against Widetech (Malaysia) Bhd, whose share price has increased by 81 percent in less than a week. This is the third time this year that Widetech has received a UMA question from the exchange. The preceding two were released in February and May, respectively.
Shortly after the lunch break today, the counter soared as much as RM1.08, or 25.71 percent, to a new high of RM5.28.
As of 3.30 p.m., it was trading at RM5.23, up RM1.03 or 24.5 percent. The total number of shares traded was 2.96 million.
On July 1, the precision spring manufacturer’s stock was trading at RM2.84. It was considerably lower at the start of the year, at just 60 sen. The stock has risen 758 percent year to date.
Widetech has been requested by the exchange regulator to respond to its questions and divulge any corporate development, rumor, or report affecting the group’s business and affairs, as well as any other probable causes for the rapid increase in share activity.
In response to prior UMA inquiries, the firm told Bursa Malaysia on May 20 that it was unaware of any difficulties that could have contributed to Widetech’s recent high pricing and volume increases.
The increase in the stock price came to an end soon after. Despite this, the rally picked up momentum again in May and is currently in July./n
