AWC, Eonmetall issued UMA query

PETALING JAYA AWC Bhd and Eonmetall Group Bhd were issued unusual market activity (UMA) queries by Bursa Malaysia Securities Bhd yesterday.
AWC was queried on the recent surge in volume of the company’s shares while Eonmetall was queried on the recent sharp rise in price of the company’s shares.
The share price of AWC has jumped over 60% in the last two months from 46 sen on April 19. Metalwork and industrial process machinery manufacturer Eonmetall’s share price, on the other hand, had also more than doubled from 39 sen on May 20.
Eonmetall’s share price, on the other hand, had also more than doubled from 39 sen on May 20.
AWC closed at 75 sen yesterday with 12.6 million shares traded, while Eonmetall closed at 86 sen with 5.8 million shares changing hands.
In a reply to the stock exchange, AWC said recently secured contracts may have been behind the recent surge in trading volume.
It added that its net profit for the nine months period ended March 31, 2016 at RM10.7 million had also exceeded the previous (full) financial years’ profits.
Meanwhile, Eonmetall said it is not aware of any other possible explanation to account for the UMA.