KUALA LUMPUR (Dec 12): Shares of Advance Synergy Bhd, perceived to be linked to Prime Minister Datuk Seri Anwar Ibrahim, suddenly gained interest in the final trading hour on Monday (Dec 12).
Some 88.58 million shares were traded from 4pm to 5pm, adding to the total trading volume of 142.81 million on Monday.
Advance Synergy rose quickly to become the most active stock on Bursa Malaysia during that hour. The heavy trade pushed Advance Synergy's share price to settle at 18 sen, which was 1.5 sen or 9.09% higher than Friday's closing price.
Advance Synergy saw 21.41 million shares exchange hands by noon break.
Year-to-date, its share price has doubled from nine sen.
The reason for the jump is uncertain since the company has not made any announcement since Nov 29, the day its financial report for the third quarter ended Dec 31, 2022 (3QFY2022) was published.
The group reported a net loss of RM6.52 million for 3QFY2022 on the back of RM64.35 million revenue. The latest quarterly results marked net losses for three straight quarters.
Advance Synergy's shares were the most active stock on Dec 2 as well. And on Nov 24, it was the most active stock two hours after the Palace named Anwar as Malaysia's next prime minister.
Coincidentally, Malayan United Industries Bhd (MUI), another counter perceived to be linked to Anwar, also emerged among the top 10 active stocks on Bursa on Monday. It saw 37.23 million shares traded for the day.
MUI's share price settled at eight sen on Monday, up 0.5 sen or 6.67%.
Based on MUI Group's website, Anwar's sister Farizon Ibrahim is its independent non-executive director. She was appointed to the board on June 26, 2018.
In 2020, Anwar expressed concerns over extraordinary active trading and gains of these stocks on the basis that these counters were linked to him. Nonetheless, the stocks would tend to draw trading interest whenever there are any changes on the domestic political landscape.