Friday 29 Mar 2024
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KUALA LUMPUR (Feb 17): Complete Logistic Services Bhd has been slapped with an unusual market activity query by Bursa Malaysia on the recent surge in its share price, which has risen by more than 50% in just over two weeks.

In an announcement this afternoon, Complete Logistic said it has been told to respond to the regulator on whether it was aware of any corporate developments, rumour, report or any possible explanation behind the unusual market activity.

Complete Logistic shares have been rallying since Jan 31 and in just 17 days, have risen 63% from 68 sen to trade at RM1.11 as at 3.30pm today — giving it a market capitalisation of RM142 million — after jumping near 12% from its previous day's close of RM1.

Earlier this morning, the stock hit an intra-day high of RM1.17.

Some 4.61 million of Complete Logistic shares were traded so far today, way above its 200-day average volume of 104,240.5 shares, according to data provided by The Edge's research team.

Complete Logistic owns several ships which are used for marine transportation services. It also counts freight, container haulage, warehousing services, lorry and trucking services as part of its services in providing total logistics solutions.

It is controlled by its managing director, Law Hee Ling, who has a 48.62% stake in the company.

 

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