KUALA LUMPUR: Shares of Texchem Resources Bhd fell 11% in early trade Tuesday after Bursa Malaysia slapped an unusual market activity (UMA) query yesterday.
The counter shed 11.18%, or 9.5 sen to 75.5 sen, making it one of the top losers on Bursa Malaysia.
Texchem said the UMA query was due to the sharp rise of its share price and trading volume.
The group had replied that it was unaware of any corporate development, rumour or report that may have contributed to the UMA.
Texchem said the trading interest in its stock might have been driven by an article on an investment-focused blog.
It said the article had extracted information from the company's magazine "Texview", a regular quarterly in-house publication that was made available on the company's website in early November 2019.
“The article shared that Texchem Malaysia Sdn Bhd, its indirect wholly-owned subsidiary, had developed an in-house formulation for effective cleaning and anti-tack agents that are both essential products in the glove-making industry,” Texchem said.
"The supply of cleaning and anti-tack agents is in the ordinary course of business of Texchem Malaysia and hence, it did not require any announcement to be made to Bursa Securities," it added.