KUALA LUMPUR (May 20): Precision spring manufacturer and management services provider Widetech (Malaysia) Bhd has been slapped with an unusual market activity (UMA) query by Bursa Malaysia on the sharp rise in its share price and volume today.
Its share price rose as much as 28% to hit a fresh all-time high of RM4 in early trade today, before paring some gains to trade at RM3.40 at 3.31pm — still up 28 sen or 8.97% from yesterday's closing. It was the third top gainer across Bursa at the time of writing.
A total of 1.82 million shares were traded. Its market capitalisation stood at RM154.85 million.
In a bourse filing, Widetech investors are advised to take note of the company’s reply to the UMA query when making their investment decision.
On May 7, Widetech saw its shares hit limit up in the morning session, rising 29.52% to reach a record high of RM2.15 at the time, valuing the company at RM96.22 million. It saw 4.55 million shares exchange hands.
Widetech shares have gained 420% year to date from a mere 60 sen apiece in January.
This is not the first time the company has been slapped with an UMA query by Bursa. In February, it was also slapped with one following a steep rise in its share price. In its response to the UMA query at the time, the company had said it was not aware of any reason that could have contributed to the sudden increase in its share price.