KUALA LUMPUR (Nov 19): Oriented Media Group Bhd (OMedia), whose shares climbed to their all-time intraday high of 55 sen today, said it has no knowledge of the reason behind the unusual market activity (UMA) in its counter.

"I am not sure about the reason behind the share price rally," its executive director Zhu Guo He Chu told theedgemarkets.com.

But he noted investors and the company's shareholders may have reacted based on the company's recent announcement about its e-commerce venture and the rights issue with warrants.

He added that the company had also signed an agreement with a China firm recently, which could also have attracted investors' interest.

On Monday, the ACE Market-listed information technology products and services provider announced that it will work on growing its e-commerce business in China through its subsidiary Fujian Accsoft Technology Development Co Ltd, and is optimistic about the country's huge e-commerce market.

According to the company, Fujian Accsoft had also inked strategic cooperation framework agreements last month with Fujian Jin-Jiang to carry out mobile application and software upgrading works.

Earlier today, OMedia was slapped with an UMA query by Bursa Malaysia, over the sudden rise in the price and volume of its counter.

The uptrend trajectory in OMedia's share price emerged since Oct 15; it rose as much as 33 sen or 173.7% to close at 52 sen today, giving it a market capitalisation of RM118.08 million.

Its trading volume also surged to 3.41 million shares today from a 200-day average of below 1 million.
 
(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.)