Bursa queries SAM as share price tops RM20 for first time to record high

Bursa queries SAM as share price tops RM20 for first time to record high
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KUALA LUMPUR (Sept 24): Bursa Malaysia today issued an unusual market activity (UMA) query over a sharp rise in the share price and trading volume of SAM Engineering & Equipment (M) Bhd after the stock spiked past RM20 for the first time to a record high.

"We draw your attention to the sharp rise in the price and volume of your company’s shares recently,” Bursa told SAM in a statement, which was carried in the company's bourse filing today.

At 3.08pm, SAM’s share price was up RM1.16 or 5.95% at RM20.66, with 987,800 units traded.

The stock had pared gains from a record high of RM21.20 earlier today.

Within this week, SAM’s share price has spiked to current levels from its closing at RM13.70 on Tuesday (Sept 21).

Meanwhile, a jump in share trading volume was noticed since Wednesday when it rose to 3.11 million shares from 173,100 units on Tuesday.

Yesterday (Sept 23), SAM’s trading volume stood at 1.89 million shares. Its share price closed up at RM19.50 from RM17 on Wednesday.

A glance across SAM’s one-year share price chart shows that the counter has been rising since July 2021.

On July 28, the stock closed at RM7.89.

According to SAM’s website, the company is a subsidiary of Singapore Aerospace Manufacturing Pte Ltd.

"SAM has manufacturing facilities strategically located in Malaysia and Singapore to provide one-stop solutions to its customers worldwide,” it said.

At the time of writing today, SAM had not replied to Bursa’s UMA query.

Read also:
SAM Engineering says not aware of reason for UMA

Chong Jin Hun