The Stock Exchange of Thailand (SET) has demanded information from brokerage houses concerning trading in the shares of RK Media Holding, after both the stock price and trading volume showed significant increases.

An SET source said the bourse was currently investigating trading transactions in RK stock, which has been moving in a very volatile fashion and its price increasing continuously with strong trading volume, contrary to overall market sentiment. Yesterday, RK shares closed at Bt4.30 apiece, up 13.16 per cent from its previous close, with trading volume of Bt174.5 million.

For several days, the stock has ranked as the most active in the Market for Alternative Investment (MAI). Over the past three days, its trading volume has represented 50 per cent of total trading volume in the MAI.

Last Wednesday, trading volume in RK stock was Bt124.28 million. It jumped to Bt449.23 million the following day but last Friday dropped to Bt107.46 million.

Over the past three months, the price of RK shares has risen 201.59 per cent. This month alone, it has risen 36.69 per cent.

A brokerage source said the SET had contacted all brokers and demand information on trading in RK shares, including recorded telephone conversations between dealers and customers. The SET has also asked for the names of investors who have traded high volumes of RK stock.

The volatile trading in RK shares was not highlighted earlier because it was listed in the MAI, a second-tier stock market that does not draw much attention from investors, the source said, adding that the speculation might have been caused by particular groups of investors. RK's first five major shareholders are Kriangsak Rungthanakiati, with 21.72 per cent; Kittisak Rungthanakiati, 9.14 per cent; Mai Pithak, 4.67 per cent; Thanet Apiwanich, 4.55 per cent; and Alisa Sasipongpreecha, 4.55 per cent.

Earlier, RK CEO Kittiwat Manosuthi said his company's stock price had risen strongly because investors had shown confidence in the company's structural changes. In addition, RK is a small-cap stock, so trading with a low  investment will boost the  price, he said.

The stock movements have not been abnormal but conformed with  normal demand and supply.

Siriporn Chanjindamanee

The Nation