InstaForex

July 6, 2021

Genetec Holds New ‘All-Time High’ Record!

 Shares of Genetec Technology Bhd continued their upward momentum today, rising by 25% to hit a new high of RM16.28 during this morning's trading session.


During the midday market break, the counter recorded a profit of RM15.26, still up RM2.24 or 17.2%.


A total of 2.02 million shares were traded and had a market capitalization of RM767.74 million.


So far, the counter has jumped by 782% since closing at RM1.73 on December 31 last year.



The sharp rise can be seen on May 28 when Genetec shares closed at RM3.69.


On June 17, Genetec said in a filing to Bursa Malaysia that the company had secured new orders worth RM47.9 million from existing customers who are also global players in the electric vehicle and battery industries as well as hard disk drives, electronics and semiconductors.


In addition, research firm CGS-CIMB Research emphasized that Genetec is one of several companies listed on Bursa Malaysia involved in the field of electric vehicles and batteries, accounting for 93% of orders of RM205.6 million obtained since February this year.


The value of the contract represents twice its revenue for the financial year ended March 31, 2021.