UMA Tek Seng unaware of reason behind share price spike

by **Cals** Mon 28 Dec 2015, 23:01

UMA
Tek Seng unaware of reason behind share price spike
By Ahmad Naqib Idris / theedgemarkets.com | December 28, 2015 : 8:14 PM MYT

KUALA LUMPUR (Dec 28): Tek Seng Holdings Bhd ([You must be registered and logged in to see this image.] Valuation: 0.80, Fundamental: 0.60) said it is unaware of the reason behind the recent sharp rise in price and volume of its shares.
In a reply to Bursa Securities ([You must be registered and logged in to see this image.] Valuation: 1.70, Fundamental: 2.30) today after it was issued an unusual market activity (UMA) query, the polyvinyl chloride product and photovoltaic solar manufacturer said it is unaware of any corporate development that has not been previously announced, rumour, report or any other explanation for the unusual trading of its shares.
“The board wishes to confirm that the company is in compliance with Paragraph 9.03 of the LR of Bursa Securities on immediate disclosure obligations,” it said.
Tek Seng also noted that the company saw its share price increase 22% within a span of eight trading days to close at RM1.05 on Dec 23, from 86 sen on Dec 14.
The counter fell 2 sen or 1.9% to close at RM1.03 today, giving it a market capitalisation of RM280.2 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.)