KUALA LUMPUR (Oct 26): Utusan Melayu (Malaysia) Bhd shot up 33.65% with the arrival of an institutional buyer, which purchased up to 100,000 shares in early trade today.

At 10.34am, Utusan Melayu rose 17.5 sen to 69.5 sen with 143,800 shares done for a market capitalisation of RM57.6 million, bucking losses sustained by FBM KLCI, which fell 2.51 points to 1,708.24 points.

Involved in publication, printing and distribution of the Utusan Malaysia newspaper, Utusan Melayu also does radio and TV advertising.

On Friday, the government announced RM250 million allocation in Budget 2016 for the national broadcasting digitalisation project to enhance audio-visual and add value to TV content and interactive data transactions.

In September, the government announced the Special Economic Council's stimulus plan to inject RM20 billion for capital investment into government-owned ValueCap Sdn Bhd to stimulate the stock market.

SJ Securities Sdn Bhd remisier KC Goh said the "sell" signal was up and there has been plenty of retail selling but within an hour of opening, a "big buyer" is said to have arrived with a share purchase of about 100,000 units.

"This usually meant an institutional buyer has purchased it. The first trade began with some 5,000 shares before gradually rising to 100,000 in an hour of opening," he told theedgemarkets.com.

Goh did not dismiss the notion that the Budget 2016 allocation and stimulus plan could be a reason for the surge in the share price.