UMA Huat Lai unaware of reason for share price rally

by **Cals** Wed 11 Nov 2015, 00:03

UMA

[size=28]Huat Lai unaware of reason for share price rally

By Gho Chee Yuan / theedgemarkets.com | November 9, 2015 : 1:44 PM MYT

KUALA LUMPUR (Nov 9): Malacca-based poultry player Huat Lai Resources Bhd ([You must be registered and logged in to see this image.] Valuation: 1.10, Fundamental: 0.75), whose share price soared to a fresh all-time high today, said it has no knowledge about the reason for the share price rally.

In reply to Bursa Malaysia's unusual market activity (UMA) query this afternoon, the poultry player said it is not aware of any corporate development relating to the group's business and affairs, including those in the state of negotiation/discussion, or any rumour or report concerning its business that may account for the UMA.

At 12.30pm midday break, Huat Lai was traded at RM5.15, gaining seven sen or 1.38%, albeit on thin trading volume of 45,100 shares.

This gave it a market capitalisation of RM401.19 million.

The stock has seen its share price rise RM1.58 or 45% in the past week. On Oct 30, Huat Lai shares closed at RM3.50. The stock ended last Friday (Nov 6) at RM5.08.

Earlier, Inter-Pacific Research said the gain in Huat Lai was probably due to the view that the stock could be a beneficiary of the Singapore dollar's appreciation against the ringgit.

(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.)
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