Hot stock: SGX queries IEV as its shares soar

A SHARP spike in IEV Holdings' share price and an unusually high trading volume in the counter on Thursday morning prompted a query from Singapore Exchange (SGX).

IEV gained 2.5 Singapore cents to 8.9 Singapore cents within the first half hour before soaring to a high of 9.2 Singapore cents at 9.45am.

The stock pared some gains before lunch, but soared to 9.7 Singapore cents by 2.07pm, over 51 per cent from the last traded price of 6.4 Singapore cents on Wednesday. The counter was among the top five most traded with over 98,000 shares changing hands.

IEV in its response to the SGX query said it is "not aware of any information not previously announced concerning the company, its subsidiaries or associated companies" that may explain the "unusual" trading activity.