KUALA LUMPUR, Malaysia (July 5): Genetec Technology Bhd, an automated industrial system company that is seen as a proxy for the electric vehicle (EV) market, continued to rise today, jumping as much as 25% to a new high of RM16.28 in morning session. The counter had pared some gains at the noon market break, settling at RM15.26, still up RM2.24 or 17.2 percent. A total of 2.02 million shares were traded in this transaction. The company’s market capitalization was RM767.74 million.
Since its close of RM1.73 on December 31, 2020, the counter has gained 782 percent year to date.
Its rapid climb can be traced back to late May, when the stock closed at RM3.69 on May 28.
In a Bursa Malaysia filing on June 17, Genetec said it had received new orders worth RM47.9 million from existing customers in the “electric vehicle and battery” and “hard disk drive, electronics, and semiconductor” industries.
Furthermore, Genetec was one of several Bursa-listed firms having exposure to the EV and battery industry, which accounted for 93 percent of its RM205.6 million in orders received since February this year, according to research firm CGS-CIMB Research.
According to the research firm, the order book equaled more than two times the company’s sales for the fiscal year ending March 31, 2021.
Read also:Genetec Technology receives RM47.9 million in new orders/n
