Car-parts maker EPMB surges to record high after limit up in final trading hour

Car-parts maker EPMB surges to record high after limit up in final trading hour
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KUALA LUMPUR (Nov 9): Car parts manufacturer EP Manufacturing Bhd's (EPMB) share price climbed to its intraday record high on Tuesday (Nov 9, 2021) in Bursa Malaysia trade, after the stock’s price hit limit-up at RM1.24 in the final trading hour before closing at its all-time high.

At 5pm, EPMB’s share price closed up 19.5 sen or 20.63% at RM1.14, after the stock was being traded at between 93.5 sen and RM1.24.

EPMB registered a trade volume of 57.58 million shares.

At its RM1.14 closing share price, the company has a market capitalisation of about RM225.22 million, based on the group’s 197.56 million issued shares.

Year-to-date, EPMB’s share price had risen to current levels from the stock’s finishing price at 34 sen on Jan 7, 2021.

On Tuesday,  EPMB’s share price hit limit-up after rising as much as 29.5 sen to RM1.24 to its intraday record high, after a spike in the final trading hour.

The stock, which was traded at RM1.05 at 4:15pm, had seen its price jumped to RM1.24 at 4:40pm, before closing at its all-time high at RM1.14.

A glance at EPMB’s share price chart since 2006 shows that the stock’s price had on Tuesday risen past RM1 for the first time possibly since March 14, 2012, when the company’s share price closed at its previous all-time high at RM1.12.

For now, it is however unclear what led to EPMB’s share price and volume rise on Tuesday, when volume closed up at 57.58 million shares from 27.93 million on Monday (Nov 8).

On Tuesday, bourse regulator Bursa said it had issued an unusual market activity (UMA) query on the recent sharp rise in the price and volume of EPMB shares.

"We draw your attention to the sharp rise in price and volume of your company’s shares recently,” Bursa told EPMB, which carried Bursa’s statement in EPMB’s filing on Bursa’s website.

At the time of writing, EPMB had yet to respond to Bursa’s UMA query.

Chong Jin Hun