Bursa Malaysia issues UMA queries to Ni Hsin, Mega Fortis after share price plunge
Bursa Malaysia Securities Bhd issued unusual market activity (UMA) queries to Ni Hsin Group Bhd and Mega Fortis Bhd after shares in both companies fell sharply on Friday. The queries cover possible corporate developments that have not been announced, market rumours and compliance with the exchange’s immediate disclosure requirements.
Highlights
- At midday, Ni Hsin shares fell 14 sen, or 37.83%, to 23 sen, with 49.91 million shares traded.
- Mega Fortis shares fell 36 sen, or 13.13%, to RM2.38, with 4.92 million shares changing hands as of the midday break.
- Bursa Malaysia Securities issues UMA queries to Ni Hsin and Mega Fortis after unusual share price and trading volume movements.
This article was translated from the original. Read the original version by our correspondent here.
Exchange queries follow trading activity
The Edge Malaysia reported that Bursa Malaysia Securities asked Ni Hsin and Mega Fortis to clarify whether there were any corporate developments relating to their respective businesses and group affairs, including matters still at the negotiation or discussion stage, that had not been announced and could explain the trading activity.The exchange also asked whether there were any rumours or reports about the businesses and affairs of the two groups that might have contributed to the share price movements. In addition, it wanted to know whether the companies were aware of any other explanation for the trading activity.
Bursa also asked whether Ni Hsin and Mega Fortis had complied with the Bursa Securities Listing Requirements, particularly Paragraph 9.03 on immediate disclosure obligations.
Share price declines and market activity
At the midday break, Ni Hsin shares fell 14 sen, or 37.83%, to 23 sen, with 49.91 million shares traded. Mega Fortis shares fell 36 sen, or 13.13%, to RM2.38, with 4.92 million shares changing hands.UMA queries are typically issued when the exchange detects unusual price or trading volume movements, to establish whether there is material information that has not been disclosed to the market. This step helps support trading transparency and ensure that all investors receive the same information.
Bursa Malaysia trading momentum highlights which we previously reported identified Ni Hsin Group Bhd as a positive momentum stock when its price and volume rose during a trading session. The article also explained that the momentum list is generated by a monitoring algorithm that assesses price trends and volume to detect unusual activity, and is not a buy or sell recommendation. This background helps explain why unusual movements such as those seen now may prompt further review by the exchange through an UMA query.
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