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Datasonic surges after UMA reply

27 Feb 2020 / 11:28 H.

PETALING JAYA: Datasonic Group Bhd’s share price jumped as high as 17 sen or 16.35% to RM1.21 this morning on bargain hunting after it responded to an unusual market activity (UMA) query by Bursa Malaysia Securities Bhd yesterday.

Datasonic, whose trading was halted for an hour this morning, surged 10.58% to RM1.15 at 10.54am on 57.18 million shares done.

The company said it is not aware of any corporate development or any change that may account for the sudden sharp fall in the company’s share price.

“We are not aware of any rumour or report concerning the business and affairs of the group that may account for the trading activity. The company’s business is doing well as usual and there is no negative development affecting the company’s business and the fundamentals of the company remain strong and solid,“ Datasonic replied to the UMA query today.

It is seeking Bursa Securities to remove the company’s shares counter from the regulated short selling approved securities list and to request Bursa Securities to investigate any short-selling activity or manipulation of the company’s share price to protect the interest of the company and its shareholders.

Datasonic’s share price had slumped 36 sen or 25.7% yesterday. The stock tumbled as much as 36 sen or 30%, hitting limit down of 98 sen before settling at RM1.04 yesterday on 52.85 million shares done.

Datasonic has yet to release its latest quarterly results ended Dec 31, 2019. For the second quarter ended Sept 30, 2019, its net profit jumped 62.8% to RM13.86 million from RM8.52 million in the same quarter a year ago.

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