Hwa Tai Industries shares surge to multiyear high on heavy volumes

Hwa Tai Industries shares surge to multiyear high on heavy volumes
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KUALA LUMPUR (July 28): Biscuit manufacturer Hwa Tai Industries Bhd saw its shares surge as much as 28.39% to hit an intraday high of RM1.01 in early trade, emerging among the top gainers and top actives on Bursa Malaysia.

At 10.20am, the stock was at 98 sen, still up 21 sen or 26.45% from yesterday's closing. A total of 24.7 million shares were traded. Its market capitalisation stood at RM74.83 million.

Hwa Tai shares have risen 148.75% year to date from 40 sen on Jan 4.

The group's net profit jumped 276% to RM538,000 in the first quarter ended March 31, 2021 from RM143,000 a year ago, on higher revenue as a result of higher demand of its biscuits from domestic and international markets.

It anticipates macroeconomic conditions in Malaysia to remain challenging.