Wednesday, 14 March 2012

Sin Heng Chan climbs to RM1.28, ignores Bursa query

KUALA LUMPUR (March 14): Shares of SIN HENG CHAN (MALAYA) BHD [] climbed to an intra-day high of RM1.28 on Wednesday, ignoring the caution expressed by Bursa Malaysia Securities over the price surge on Tuesday.

At 3.52pm, it was up five sen to RM1.15. There were 11.60 million shares done at prices ranging from RM1.02 and RM1.28.

The FBM KLCI rose 5.38 points to 1,569.40. Turnover was 947.58 million shares valued at RM1.21 billion. There were 379 gainers, 350 losers and 363 stocks unchanged.

On Tuesday, Sin Heng Chan’s share price surged 29.5 sen to close at RM1.10, prompting a query from Bursa Malaysia securities over the unusual market activity.

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.

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