Wong Engineering slapped with UMA query over sharp rise in share price, volume
KUALA LUMPUR (Aug 4): High precision metal components manufacturer Wong Engineering Corp Bhd was served an unusual market activity (UMA) query today by Bursa Securities on the sharp rise in its shares' price and trading volume recently.
Earlier today, Wong Engineering climbed 0.5 sen or 0.77% to hit a high of 65.5 sen, valuing the company at RM72.57 million.
Trading activity for the small-cap industrial manufacturer has also been unusually high recently, with yesterday’s 1.36 million shares traded far exceeding the counter’s 200-day average of around 115,500. Around 346,500 shares have been transacted today.
The counter has risen 27.18% year-to-date from 51.5 sen.
In a filing today, the stock exchange regulator has asked Wong Engineering for clarification on whether there are unannounced corporate developments, rumours or reports concerning the business and affairs of the company or any other possible explanations to account for the recent market activity.
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