The Securities Commission (SC) says it is monitoring actively-traded stocks to ensure fair and orderly market.
“In the discharge of our regulatory obligations, the SC vigilantly monitors all counters and price movements to ensure a fair and orderly market,” said an SC spokesperson.
Over the recent weeks, several stocks, including penny shares, were in the limelight. A number of them outperformed the best performing FTSE Bursa Malaysia KLCI component stock by multiple fold.
Petronas Dagangan Bhd, the best-performing FBM KLCI component stock, has been rising 40 per cent so far this year. In contrast, the likes of Harvest Court Industries Bhd, Envair Bhd and GPRO Technologies Bhd gained between 175 per cent and over 500 per cent year-to-date.
Bursa Malaysia is also doing its best to keep the market in order.
So far this month, four companies have been queried for “unusual market activities” by Bursa. They are Harvest Court, GPRO, Maxbiz Corp and Sanichi Technology.
The SC said it is also looking into the activities of local and foreign investors, as well as detecting any unusual market activities for all transactions.
For example, GPRO, over the last two to three months, saw the emergence of Christian Kwok-Leun Yau Heilesen, who now owns almost 25 per cent of the company.
Heilesen was a controversial figure after the DVM Technology incident, where he, along with another foreign investor, had bought a substantial stake in the company and asked for an extraordinary general meeting to seek the removal of several directors including its founder. However, Heilesen disposed of his entire stake in DVM about a week later.
“The SC has its own market surveillance system to monitor and detect any irregular or unusual market activities for all transactions, be they local or foreign investors.
“The SC then reviews these transactions to determine if any further action is required,” it said.