Shares in iFAST rose to $4.65 at 9.45am, or 8.64% up from its last close price of $4.28 before climbing to a high of $4.66 at 9.48am.

The “unusual movement” prompted a query from Singapore Exchange Regulation (SGX RegCo) at 9.45am asking the company if it was aware of any information that could have prompted the surge.

The market regulator also asked iFAST to confirm that it is in compliance with the listing rules, and noted that it was the fourth query issued in the past six months.

iFAST shares were among the top two advancers on the SGX, just behind Jardine Strategic Holdings (JSH).

As at 10.45am, shares in iFAST are trading 32 cents higher or 7.5% up at $4.60.

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See: iFAST Corp's AUA grows 44.5% y-o-y to record $14.45 bil and ​Expect record 4Q20 earnings by iFAST Corp on record AUA: CGS-CIMB