KUALA LUMPUR (Dec 7): IOI Properties Group Bhd, whose share price nearly hit limit up today as it soared to a two-year high, has been slapped with an unusual market activity (UMA) query by Bursa Malaysia.

IOI Properties’ shares jumped 29.55% or 39 sen to close at RM1.71, after 72.76 million shares were traded, far exceeding its 200-day average volume of 2.01 million. It has a market capitalisation of RM9.36 billion.

The stock has doubled from when it was trading at 85 sen at the start of November.

“We draw your attention to the sharp rise in price and volume of your company’s shares recently,” said a filing with the local stock exchange today.

Bursa requested that IOI Properties disclose any investment decision, corporate development, rumour or report concerning the business and affairs of the group, and any other possible reasons, for the sharp increase in its share price and volume traded.

IOI Properties's net profit rose 16.9% to RM192.11 million in the first quarter ended Sept 30, 2020 (1QFY21), from RM164.39 million in the same quarter a year ago, while revenue climbed 22.1% to RM659.67 million from RM540.32 million. Accordingly, earnings per share rose to 3.49 sen from 2.99 sen.

The company attributed the better earnings performance to higher property sales in both its Malaysia and China operations.