PETALING JAYA: Kumpulan Powernet Bhd has been issued an unusual market activity (UMA) query on the sharp rise in its share price recently.
The company’s share price more than doubled from 34 sen on May 10 to 79 sen last Friday (June 7). This morning, the stock opened higher at 81 sen and traded at a high of 84 sen during early trade.
At midday, the stock was 4.43% higher at 82.5 sen with 2.47 million shares traded.
The company is required to disclose any corporate development that has not been previously announced, rumour or report, or any other possible explanation that may account for the trading activity.