KUALA LUMPUR (June 23): Supercomnet Technologies Bhd, whose share price jumped as much as 36 sen or 29.03% yesterday, triggering an unusual market activity (UMA) query from Bursa Malaysia, said it is not aware of the cause of heightened trading and prices of its shares.
In a filing today, Supercomnet said it is not aware of any corporate development relating to the group’s business and affairs that has not been previously announced that may account for the trading activity.
It is also unaware of any rumour or report concerning the business and affairs of Supercomnet that may account for the trading activity, or any other possible explanation.
Yesterday’s gain had pushed the share price of the wires and cables manufacturer to a fresh record high of RM1.60, before paring some gains to settle at RM1.50.
The counter’s trading volume had also surged to 37.45 million shares yesterday, which was over 16 times its 200-day average of 2.3 million shares.
Supercomnet drew investor interest since late May, after The Edge Malaysia reported that orders for its products, particularly cables connecting medical devices, have doubled since the onset of the Covid-19 pandemic.
In fact, its share price has almost tripled since March 18, marking the period when the movement control order was initiated as the coronavirus outbreak worsened in Malaysia.
The counter ended at RM1.47 today, for a market capitalisation of RM945.21 million.