Asdion queried over sharp rise in price and volume

PETALING JAYA: Loss making Asdion Bhd was slapped with an unusual market query by Bursa Malaysia, after the stock price jumped almost three fold in less than a month.
Asion's share price which stood at 17 sen on April 9, was trading at 47.5 sen earlier, with some 14.9 million shares changing hands in the first few hours of trading. 30 day average volume was at 8.9 million.
In the last one year the stock has gained 30%.
Asdion which is principally in information communication technology and logistics business, has had its financials adversely affected by a weakness in revenue from its ICT business and the moratorium on bauxite trading, which decreased the demand for the group’s stevedoring activities and ancillary logistics services in Kuantan Port and cut short its bauxite trading aspirations.
For the nine month period ended Dec 31, 2017 the company posted a net loss of RM1.5 million against revenue of RM3.4 million.