Datasonic shares jump after company responds to Bursa query

Datasonic shares jump after company responds to Bursa query
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KUALA LUMPUR (Feb 27): Datasonic Group Bhd's share price jumped as much as 17 sen or 16.35% to RM1.21 in morning trades today on bargain hunting and after the ICT solutions provider said its business is doing well in reply to Bursa Malaysia's unusual market activity (UMA) query.

Bursa's UMA query followed a sudden sharp fall in Datasonic's share price yesterday when the stock declined 36 sen or 25.71% to close at RM1.04.

At 10:25am today, Datasonic shares were traded at RM1.11 for a market capitalisation of RM1.4 billion as investors bargain hunted for the stock after its substantial drop yesterday.

Datasonic, which saw some 48 million shares changing hands, was among Bursa's most-active stocks. Datasonic's share trade resumed today after a one-hour suspension.

In separate announcements to Bursa today, Datasonic said trading in its securities was halted from 9am to 10am in conjunction with the company's response today to Bursa's UMA query on the sudden sharp fall in the price of Datasonic shares yesterday.

Today, Datasonic told Bursa that the company is not aware of any corporate development that might have led to the sudden sharp fall in the company’s share price yesterday.

"We are not aware of any rumour or report concerning the business and affairs of the group that may account for the trading activity. We wish to emphasise that the company’s business is doing well as usual and there is no negative development affecting the company’s business and the fundamentals of the company remain strong and solid.

"We are not aware of any other possible explanation to account for the trading activity. We are seeking Bursa to remove the company’s shares counter from the regulated short selling (RSS) approved securities list and to request Bursa to investigate any short-selling activity or manipulation of the company’s share price to protect the interest of the company and its shareholders," Datasonic said.