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UMA Bursa queries Southern Acids over share spike

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UMA Bursa queries Southern Acids over share spike Empty UMA Bursa queries Southern Acids over share spike

Post by Cals Sat 26 Apr 2014, 18:17

UMA Bursa queries Southern Acids over share spike
Business & Markets 2014
Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com   
Friday, 25 April 2014 14:26

KUALA LUMPUR (Apr 25): Southern Acids (M) Bhd has been issued an unusual market activity (UMA) query by Bursa Malaysia on the spike in its share price and high volume of trades over the past few days.

At 12.30 noon break today, Southern Acids was traded at RM5.69, rising 70 sen or 14% with as many as 1.7 million shares done.

The stock had earlier risen as much as 99 sen or 20% to a high of RM5.98.

Since Tuesday, Southern Acids’ share price had risen as much as RM1.64 or 40% to the current trading price of RM5.69.

Bursa Malaysia has ordered the company to make due enquiries with its directors, major shareholders and other relevant persons for the unusual market activities.

The exchange also enquired of any corporate development, rumour or report on the company or any other possible explanation for the trading activities involving the company's shares.
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