The stock, which closed at 7.5 sen yesterday, jumped 33% or 2.5 sen to 10 sen in early trade before retracing slightly at the midday break.
It regained its momentum in the afternoon to hit an intraday high of 11 sen or 46.6% higher, valuing the company at RM562 million. It was the most actively traded stock on Bursa Malaysia with 127 million shares exchanging hands.
The stock has seen a monumental decline in recent years, plunging 52% in the past year and nearly 90% over the past five years.
The reason for its share price spike is not immediately clear given there are no recent exchange filings or positive announcements by Astro.
Its net profit for the third quarter ended Oct 31, 2025, plunged 80% to RM9.19 million from RM46.94 million a year ago, weighed down by higher financing costs and operating expenses.
Its quarterly revenue fell 7.2% to RM695.6 million from RM749.7 million a year earlier, due mainly to lower subscription and advertising income.
Astro’s fortunes have slumped in recent years after being buffeted by intense competition from over-the-top (OTT) services such as Netflix and Disney+ Hotstar that pulled away its traditional subscribers.
Crucially, its once massive subscriber base has steadily whittled away as subscribers opted for TV boxes or illicit streaming devices.
Like most legacy media companies, Astro has also been hit by the huge drop in advertising expenditure (adex) as brands shifted their spending to online and social media.
The company has undertaken a range of measures in recent years, from promotional discounts and trimming content spending to expanding its digital offerings and cutting its workforce to contain costs.
Astro recently announced it will discontinue HBO channels from March 1, 2026, ending its 30-year partnership with Warner Bros Discovery.
The extraordinary decline of the company founded by the late tycoon T Ananda Krishnan is reflected in its battered share price.
Whether today’s rally signals the start of a sustained recovery or a mere flash in the pan remains to be seen.