Shares in Mainboard-listed Khong Guan Limited surged by 19.34% or 17.5 cents to $1.08 around 11.20am, reaching a month-long high. Around 2,600 shares were traded then.
Shares in the company opened at 90.5 cents on Jan 23. The company has not called for a trading halt; there were no announcements in January either.
At around 2.52pm on Jan 23, some 10,300 shares in the company changed hands.
Year-to-date, shares in Khong Guan are up by 17.39%, although the company’s shares are down by 7.69% on a y-o-y basis.
For the FY2024 ended July 31, 2024, Khong Guan reported a deeper loss of $1.4 million, compared to $286,000 in FY2023. FY2024 revenue fell by 2% y-o-y to $70.2 million, which was attributed mainly to “challenging market conditions” faced by the group’s subsidiaries.
