KUALA LUMPUR (July 23): Datasonic Group Bhd, which saw its share price surge more than 24% since July 21, has been slapped with an Unusual Market Activity (UMA) query by Bursa Malaysia today over the sudden surge in its share price and trading volume.

The shares in the electronic-identification specialist have been actively traded recently on speculation that it has received a “multi-million ringgit” contract.

Datasonic (fundamental: 2.2; valuation: 0.9) was traded at RM1.08 on July 21 and have since surged 26 sen or 24% to close at RM1.34 today, up 9 sen or 7.2% from yesterday’s close.

It was the most actively traded stock across the exchange today and saw some 58.46 million shares change hands between RM1.26 and RM1.40. At the current price, its market capitalisation stood at RM1.8 billion.

In the UMA query today, Bursa has requested Datasonic to disclose any corporate development, rumour or report concerning the business and affairs of the group, and other possible reasons for the share price rally.

According to a remisier, the rumoured Datasonic contract is a credit card related project.

Nevertheless, he cautioned against speculation on the stock, as no announcement has been made regarding the job.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)