Notion VTec gets UMA query on sharp rise in share price

KUALA LUMPUR: Notion VTEC Bhd has received an unusual market activity (UMA) query from Bursa Malaysia Securities today due to the sharp rise in its share price.

The company’s shares rose by 8.29 per cent or 15 sen to RM1.96 at the close today.

In a filing with Bursa Malaysia in response to the UMA, the company attributed the recent spike in its share price to its strong performance recovery and the industry's turnaround, highlighting its positive returns in the first and second quarters of financial year 2024 (1Q and 2Q 2024).

"Our financial results have shown consistent improvement, demonstrating our resilience and effective strategic initiatives.

"Investors, both retail and institutional, have responded positively to our performance, reflecting their confidence in our ongoing business prospects," it said.

Notion VTec also pointed out that being a technology stock, it has benefited from a significant turnaround in the Hard Disk Drive and Electronics Manufacturing Services sectors, mirroring the growth of technology stocks on the NASDAQ stock market

"This increase in sales was highlighted in the commentaries of unaudited quarterly financial report for 2Q 2024 where we mentioned that the second half of FY2024 may outpace the first half of FY2024," it said.

Additionally, it said that an article in a local publication published on May 27, 2024, may have also heightened investors’ interest. - Bernama

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