Key Asic gets Bursa's query on share price, volume surge

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KUALA LUMPUR (Sept 8): Bursa Malaysia slapped Key Asic Bhd with an unusual market activity (UMA) query, due to recent rise in share price and volume of the electronic component manufacturer.

Key Asic shares, which closed at eight sen last Friday (Sept 4), rose to 16.5 sen yesterday (Sept 7). Today, the stock increased as much as five sen or 30% at 12:30pm, to settle at 21.5 sen.

At 21.5 sen, the company had a market capitalisation of RM172.54 million. The stock saw some 7.5 milion shares traded.

Last Friday, volume was at 15,000 shares, before rising to 2.82 million yesterday.

Today, Bursa told Key Asic: “We draw your attention to the rise in price and volume of your company’s shares recently.”

Key Asic had not responded to Bursa's UMA query at the time of writing.

However, Key Asic had in June this year, indicated it had obtained Bursa's approval to list up to 81.18 million million new private placement shares.

The 81.18 million new shares compare with Key Asic's existing's issued base of 802.5 milion units.

(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.)