KUALA LUMPUR: With penny stock spurts resulting in nine queries in half a month, November is turning out to be a record month for so-called unusual market activity (UMA) queries.
With three queries issued yesterday to SYF Resources Bhd, DPS Resources Bhd and Flonic Hi-Tech Bhd, it is now one query away from the record 10 Bursa Malaysia issued for October 2009, filings show.
Yesterday’s fifth most actively traded stock, SYF saw over 102.6 million shares, a whopping 60% of its share base, traded on the open market, even as investors chased the stock to its highest level in over five years.
In its reply to the stock exchange, SYF, which manufactures rubberwood furniture, said it is in the final stages of negotiations for the joint development of properties with “landowners who are mainly related parties”.
The company — which on Oct 25 was lifted from Practice Note 1 status following a cash call and debt restructuring exercise — also cited a recent media report that a son of a senior government official will soon be joining its board, which it did not confirm or deny.
Closing at 92 sen yesterday, the loss-making furniture maker gained 25 sen or 37.31% for the day, but was off an intra-day high of 97 sen. Its warrants, SYF-WA, made it to the eighth spot on the top gainers’ list yesterday, after gaining 30 sen to close at 65 sen.
Another usually quiet counter -- another rubberwood furniture maker -- DPS Resources Bhd was also queried after the closing bell yesterday.
More than 100% of its share base changed hands yesterday, making it the most actively traded counter with over 266 million shares transacted.
The stock surged as much as 19.5 sen or 144.4% to 33 sen intra-day yesterday before settling at 31 sen. That was still more than double last Friday’s 13.5 sen close, with a more than 10 times jump in volume yesterday, though trading interest has gone up since last Thursday.
On Sept 27, DPS welcomed to its boardroom Datuk Tahir Hassan, 62, who has 32 years experience in the civil service.
He is currently a member of the Melaka state legislative assembly. Executive director Datin Chu Kim Guek sold 1.21 million shares at 13.5 sen apiece on Nov 11, filings dated Nov 14 showed. She is the wife of DPS chairman and managing director Datuk Sow Chin Chuan.
DPS and Flonic had yet to reply to the query at the time of writing.
Closing at 28 sen yesterday, Flonic, which began seeing increased trading interest on Nov 3, has gained 87% over seven market days from its 15 sen close on Nov 2. Its volume of 35.3 million shares yesterday was about 25% its share base.
Flonic is a manufacturer of precision cleaning systems for hard disk drives and other industries.
Harvest Court Industries Bhd, meanwhile, in which investors have been warned to exercise care when trading its shares, continued to climb yesterday to reach its highest since May 2000.
Gaining 29% or 48 sen to close at RM2.13, Harvest Court, which was still a penny stock just a week ago, is already 28 times the 7.5 sen it closed at seven weeks ago on Sept 27.
Stoking interest was the emergence of a new shareholder and director, Datuk Raymond Chan, the controlling shareholder of Sagajuta (Sabah) Sdn Bhd, which is awarding projects to the company. Chan was appointed to Harvest’s board on the same day as 28-year old Mohd Nazifuddin Najib, the prime minister’s second son.
Others that have been queried so far this month are Emico Holdings Bhd, Hibiscus Petroleum Bhd, Sanichi Technology Bhd, GPRO Technologies Bhd and Maxbiz Corp Bhd.
This article appeared in The Edge Financial Daily, November 15, 2011.
With three queries issued yesterday to SYF Resources Bhd, DPS Resources Bhd and Flonic Hi-Tech Bhd, it is now one query away from the record 10 Bursa Malaysia issued for October 2009, filings show.
Yesterday’s fifth most actively traded stock, SYF saw over 102.6 million shares, a whopping 60% of its share base, traded on the open market, even as investors chased the stock to its highest level in over five years.
In its reply to the stock exchange, SYF, which manufactures rubberwood furniture, said it is in the final stages of negotiations for the joint development of properties with “landowners who are mainly related parties”.
The company — which on Oct 25 was lifted from Practice Note 1 status following a cash call and debt restructuring exercise — also cited a recent media report that a son of a senior government official will soon be joining its board, which it did not confirm or deny.
Closing at 92 sen yesterday, the loss-making furniture maker gained 25 sen or 37.31% for the day, but was off an intra-day high of 97 sen. Its warrants, SYF-WA, made it to the eighth spot on the top gainers’ list yesterday, after gaining 30 sen to close at 65 sen.
Another usually quiet counter -- another rubberwood furniture maker -- DPS Resources Bhd was also queried after the closing bell yesterday.
More than 100% of its share base changed hands yesterday, making it the most actively traded counter with over 266 million shares transacted.
The stock surged as much as 19.5 sen or 144.4% to 33 sen intra-day yesterday before settling at 31 sen. That was still more than double last Friday’s 13.5 sen close, with a more than 10 times jump in volume yesterday, though trading interest has gone up since last Thursday.
On Sept 27, DPS welcomed to its boardroom Datuk Tahir Hassan, 62, who has 32 years experience in the civil service.
He is currently a member of the Melaka state legislative assembly. Executive director Datin Chu Kim Guek sold 1.21 million shares at 13.5 sen apiece on Nov 11, filings dated Nov 14 showed. She is the wife of DPS chairman and managing director Datuk Sow Chin Chuan.
DPS and Flonic had yet to reply to the query at the time of writing.
Closing at 28 sen yesterday, Flonic, which began seeing increased trading interest on Nov 3, has gained 87% over seven market days from its 15 sen close on Nov 2. Its volume of 35.3 million shares yesterday was about 25% its share base.
Flonic is a manufacturer of precision cleaning systems for hard disk drives and other industries.
Harvest Court Industries Bhd, meanwhile, in which investors have been warned to exercise care when trading its shares, continued to climb yesterday to reach its highest since May 2000.
Gaining 29% or 48 sen to close at RM2.13, Harvest Court, which was still a penny stock just a week ago, is already 28 times the 7.5 sen it closed at seven weeks ago on Sept 27.
Stoking interest was the emergence of a new shareholder and director, Datuk Raymond Chan, the controlling shareholder of Sagajuta (Sabah) Sdn Bhd, which is awarding projects to the company. Chan was appointed to Harvest’s board on the same day as 28-year old Mohd Nazifuddin Najib, the prime minister’s second son.
Others that have been queried so far this month are Emico Holdings Bhd, Hibiscus Petroleum Bhd, Sanichi Technology Bhd, GPRO Technologies Bhd and Maxbiz Corp Bhd.
This article appeared in The Edge Financial Daily, November 15, 2011.
