KUALA LUMPUR: Kumpulan H & L High-Tech Bhd, whose shares have seen much volatility, saw its share price surge to recent record high of RM6.77 in Monday morning trade.

       After hitting the record high of RM6.77, up RM1.13 or 20% from Friday's close of RM5.64, it fell to a low of RM5.30.

       At midday, High-Tech’s share price had fallen 24 sen or 4.26% to RM5.40. There were 12.23 million shares done at prices ranging from RM5.30 to RM6.77.

       In its reply to Bursa Malaysia Securities over the unusual market activity, it said it was unaware of the reason for the recent rise in price and volume of the shares.

       However, High-Tech said the company and its subsidiaries had been continuously on the lookout for opportunities to enhance the Group’s earnings and strengthen its financial position.

       “Recently, the group was in the final stage of negotiations for the purchase of an investment property at about RM13.88mil, ” it said.

       It was also exploring options to develop real property on existing landbank owned by its units.

       Its board also pointed out the group’s financial performance has been improving.

       On June 29, the group recorded a post-tax profit of RM2.65mil for the quarter ended April 30 compared with a loss of RM65, 600 a year ago.