Bursa Malaysia Issues UMA Query To Sinaran Advance

KUALA LUMPUR, May 27 (Bernama) -- Bursa Malaysia Securities Bhd has issued an unusual market activity (UMA) query to Sinaran Advance Group Bhd following a sharp decline in its share price and a sudden spike in trading volume.

In a filing with Bursa Malaysia, the bourse noted that Sinaran’s shares hit limit down today, plunging seven sen or 70 per cent to close at three sen, with 32.04 million shares changing hands. Earlier in the session, the stock had hovered between nine sen and 10 sen.

Bursa has requested Sinaran to provide an explanation for the unusual trading activity.

“Investors are advised to take note of the company’s reply to the UMA query, which will be posted on Bursa Malaysia’s website under company announcements, when making their investment decisions,” said Bursa Malaysia.

Sinaran is involved in the design, manufacture, distribution, and sale of sports footwear and apparel.

-- BERNAMA