MQ Technology, K-One surge as investors look to PPE manufacturers

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KUALA LUMPUR (Aug 3): Two technology firms that have recently ventured into the personal protective equipment (PPE) space, MQ Technology Bhd (MQTech) and K-One Technology Bhd (K1), saw their share prices skyrocket today, with ballooning trading volumes as investors cast their attention on PPE manufacturers.

K1 soared up to 27.66% to a record high of 60 sen earlier today. At market close, the stock settled at 59.5 sen, still up 12.5 sen or 26.6%. At this price, the tech company is valued at RM465.71 million.

K1 was the fourth most actively traded stock on the local bourse today, with a trading volume of 405.20 million shares, over 14 times its 200-day average volume of 27.85 million shares.

Meanwhile, MQTech shares surged as much as 154.2% to reach a seven-year high of 30.5 sen. The stock later pared some gains to close at 22 sen, up 10 sen or 83.3%, valuing the company at RM157.64 million. Year to date, the stock has jumped about nine times from when it was trading at 2.5 sen.

The counter, Bursa Malaysia’s most active stock today, enjoyed significant attention with a trading volume of 811.22 million, over 31 times its 200-day average of 25.47 million.

Earlier today, hard-disk drive and automotive component manufacturer Notion VTec Bhd also saw brisk trades and jumped 33.74% to close at its intraday high of RM1.11 after announcing that its healthcare arm Notion Venture Sdn Bhd had been registered with the US Food & Drug Administration as a face mask manufacturer.

The rally in these counters comes as investors start to pay closer attention to PPE manufacturers, while the glove mania continues unabated amid the persisting pandemic, which has caused a resurgence in cases around the world.