KUALA LUMPUR (May 2): Asdion Bhd has been slapped with an unusual market activity (UMA) query from Bursa Malaysia on the sharp rise in its stock price and volume recently.

In a statement today, Bursa said investors are advised to take note of Asdion’s reply to the UMA query, when making their investment decision.

Asdion shares rose as much as 6.4% to hit its high of 50 sen in early trade. As of writing, it is trading at 47.5 sen, with about 13.5 million shares traded, making it one of the top 10 active counters on the exchange today.

What is even more interesting is that barely a month ago, Asdion was trading at the 17 sen level, which means the share price has more than doubled in less than a month. At current level, its shares are trading at Asdion's 1-year high. 

The stock has been trading in a 52-week range of 12 sen to 50 sen.

Bursa requested the company to state whether there is any corporate development relating to its group's business and affairs that has not been previously announced that may account for the trading activity, including those in the stage of negotiation or discussion.

Asdion is also required to reply to Bursa's UMA query on whether any unannounced corporate development, rumours or reports may account for the UMA.

On its website, the company is said to specialize in providing advanced integrated business and operations solutions, with particular focus on a broad service sectors from hospitality, recreational and supply chain logistics, to data services-related businesses.