KUALA LUMPUR (Jan 6): Fibon Bhd’s share price continued to surge today and hit a record high of 82 sen, prompting the regulator to query on its rally.

At noon, Fibon was 1 sen or 1.91% lower at 80 sen. It climbed as much as 3.5 sen or 4.46% to 82 sen in the early trade. The counter saw 1.82 million shares traded, for a market capitalisation of RM76.9 million.

Shares of Fibon was only 35.5 sen on Aug 28, 2015. Based on its share price of 80 sen now, the counter has appreciated 44.5 sen or more than 125% in less than 5 months.

Bursa Malaysia Securities Bhd issued an unusual market activity (UMA) query today, on the sharp rise in price and volume of Fibon’s shares recently.

The regulator asked the management to disclose any corporate development, rumour, report or other possible explanation that may support the trading activity.  

When contacted by theedgemarkets.com, Fibon’s chairman Pang Chee Khiong said he was not aware of any corporate activity that may have drawn investors' attention.

Meanwhile, Alliance Investment Bank's remisier Raymond Foo told theedemarkets.com that the share base of the counter is small, thus, its share price is easily manipulated.

As of Jan 1, Pang Chee Keong remains its major shareholder of Fibon, owning a 22% stake in the company; while the company’s managing director Pang Fok Seng holds a 17.68% stake.  

The principal activities of Fibon is to formulate polymer matrix fibre composites, as well as to manufacture and sell electrical insulators, electrical enclosures, and meter boards.

(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.)