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July 14, 2021

Genetec Shares Worse After Soaring To RM19

 Genetec Technology Bhd's share price fell over 98 sen or 5.27% to RM17.60 in a compilation of trading sessions on Bursa Malaysia this morning.

This was driven by profit -taking activities by investors after the stock reached the daily level of RM19.46.

At 10.49am, Genetec's share price dropped 58 sen or 3.12% to RM18, thus being listed as the second biggest loser in this morning's trading session.

So far, the counter has jumped by 378.72% or RM14.24 since closing at RM3.76 on June 1.

Genetec has answered questions about unusual market activity (UMA) from regulators about the recent rise in share prices and company volumes.

Subsequently, Genetec has indicated that there is no specific reason behind its stock trading that this compilation continues to exhibit a surge.

The company also clarified that there has been no corporate expansion in the matter other than seeing its announcement on June 17 related to the guarantee of new orders.

On June 17, Genetec announced to Bursa Malaysia that it had received new orders worth around RM47.9 million from users in the electric vehicle (EV) and battery (RM42.5 million) segments as well as hard disk drives, electronics and the semiconductor industry. (RM5.4 million).

Genetec said the order is expected to contribute positive sentiment to its earnings growth for the financial year ended March 31, 2022.