KUALA LUMPUR (July 9): Widetech (Malaysia) Bhd, whose share price has shot up 81% in slightly more than a week, has been slapped with an unusual market activity (UMA) query by Bursa Malaysia over the sharp rise in its price and volume recently.

This is the third time Widetech received a UMA query from the exchange this year. The previous two were issued in February and May.

The counter surged as much as RM1.08 or 25.71% to another record high of RM5.28 shortly after the noon break today. 

As at 3.30pm, it pared some gains at RM5.23, still up RM1.03 or 24.5%. Trading volume was at 2.96 million shares. 

The precision spring manufacturer’s share price was trading at RM2.84 on July 1. It was even much lower at barely 60 sen at the start of the year. Year to date, the counter has jumped 758%.

The exchange regulator has ordered Widetech to respond to its queries and disclose any corporate development, rumour or report concerning the business and affairs of the group, and any other possible reasons that could explain the sudden spike in share activity.

In the previous UMA queries, the company replied to Bursa Malaysia in May 20 that it was not aware of any issues which might lead to the recent sharp increase in price and volume of Widetech's shares. 

Soon after, the share price rally halted. Nonetheless, the rally gathered steam again in May and in July now.