Late "strong pick-up" by Bursa

Article from The Star, one snippet (emphasis mine):


Bursa Malaysia staged a late strong pick-up before closing, led by gains in selected blue chips such as CIMB Group Bhd, Axiata Group Bhd and MISC Bhd.

The benchmark FTSE Bursa Malaysia KL Composite Index (FBM KLCI) closed 12 points higher to 1,773.16 yesterday, after a slow start to the week.

Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew said foreign investors were net sellers yesterday despite the strong pick-up in the FBM KLCI.

“It was a last-minute push before the long holiday, and it was quite unusual considering the results season is still ongoing,” he told StarBiz.


It was definitely unusual, let's zoom in on a few counters.

On 16:50:01 it was CIMB's turn, a sudden 32 cent jump in price:

Two seconds later UMW's turn, a 45 cent jump:

And one second later at 16:50:04 Timecom's turn, a 53 cent jump in price:

As a consequence, a sudden spike in the KLCI:

Who was (were) the buyer(s), may be a fund that needed to show good results at the last trading day of August?

It looks all very artificial, is this actually allowed, will SC take action?