UMA Eastland slapped with Bursa UMA after share price jumps 56% in thin trades

UMA Eastland slapped with Bursa UMA after share price jumps 56% in thin trades
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Friday, 05 July 2013 14:24

KUALA LUMPUR (July 5): Bursa Malaysia Securities Bhd announced it has issued an Unusual Market Activity (UMA) query to Eastland Equity Bhd due to a sharp jump in its share price this morning.

In morning trades, Eastland share price hit limit-up after soaring 30 sen or 56% to 83.5 sen per unit, on thin trades of 2.289 million shares.

The company, which has changed its name from FURQAN BUSINESS ORGANISATION [] Bhd (FBO) is an investment holding company.

A dealer said there was no rumour or speculation about the stock in the market but his clients have made a lot of money from this spike in Eastland share.

But he said: “The stock could be pushed up by licensed day-traders as there is not much news flow from this counter. As volume is quite thin, Bursa is justified in issuing an UMA.”

He also noted that the “free float” shares in this company are limited and hence it is easy for “price manipulation”.

Another dealer said this stock had been played up several times, but this is the first time its share price hit limit up.

According to Bursa website, Eastland posted a net profit of RM858,000 for the first quarter to end-March 2013 on turnover of RM8.836 million. For the past two years, it had traded below 50 sen most of the time.