Hot stock: Medtecs rises over 20% on heavy trading, triggers SGX query 

SHARES of Medtecs International climbed amid unusually high trading volumes on Wednesday (Mar 22) morning, prompting a query from the Singapore Exchange (SGX). 

The Catalist-listed protective gear manufacturer was up S$0.025 or 22.5 per cent at S$0.136 as at 10.41 am. Some 11.7 million securities had changed hands – well above the counter’s average volume of 4.7 million. 

An SGX query on the counter’s “unusual price movements” was issued at 10.49 am. 

Medtecs later fell slightly to trade 18.9 per cent or S$0.021 higher at S$0.132 as at the midday break. It was the fourth most heavily-traded counter by volume, with 14.3 million shares transacted. 

No married deals were recorded in early trade, ShareInvestor data indicated.

Medtecs’ last announcement on Feb 28 reported that the company had sunk into a net loss of US$28.5 million for FY2022, from a net profit of US$17.3 million in FY2021.

The weaker bottom-line showing was attributed to lower demand for the company’s products, weaker margins, as well as an increase in inventory provisions for FY2022 amounting to US$11.5 million.