Tuesday, 13 March 2012

Sin Hen Chan share price surges, prompts Bursa query

KUALA LUMPUR (March 13): Shares of SIN HENG CHAN (MALAYA) BHD [] surged on Tuesday, prompting a query from Bursa Malaysia securities over the unusual market activity.

Its share price closed up 29.5 sen to RM1.10 with 8.48 million units done.

However, the 30-stock FBM KLCI slipped into the red, down 0.73 of a point to 1,564.02. Turnover was 1.16 billion shares valued at RM1.47 billion. Losers beat gainers 469 to 288 while 329 counters were unchanged.

Bursa Securities had queried the company over the sharp increase in price and high volume in the shares on Tuesday.

The regulator also queried the company whether there was any corporate development relating to the group’s business and affairs that has not been previously announced that may account for the unusual market activity.

It also asked the company whether there was any rumour or report concerning the business and affairs of the group that may account for the unusual market activity.

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