IFCA MSC queried over sudden gain in share price, volume

PETALING JAYA: Software provider IFCA MSC Bhd was slapped with an unusual market activity (UMA) query last Friday over the recent spike in its share price and trading volume.
However, in response to the Bursa's query, the group said it is unaware of any corporate development, rumour or any other possible explanation that might have contributed to the rise.
IFCA MSC's share price dropped 4.5 sen or 4.52% to 95 sen, with some 42.05 million shares changing hands, being the third most-traded counter of the day. Its share has risen 26.67% year-to-date.
Over the past one year, IFCA MSC has seen a gain of about 10 fold in its share price, thanks to the award of goods and services tax (GST) jobs.
CIMB had in its research note in November given an "add" call on IFCA MSC, with a target price of RM1.05.