Genetec Technology Bhd (-ve)
TRADING of shares in Genetec Technology Bhd (fundamental: 1.8/3, valuation: 1.1/3) triggered our stocks with momentum algorithm yesterday for the first time this year.
The counter closed 19 sen or 13.3% higher at RM1.62 yesterday, after 2.34 million shares were traded, compared with its 200-day average volume of 188,425 shares.
Last month, Genetec announced it would not proceed with the planned collaboration with several parties to develop an ammonia and urea manufacturing plant in India, as it could not ascertain the technical feasibility and economic viability of the project.
The group signed a memorandum of understanding (MoU) on Jan 30 with the Malay Chamber of Commerce Malaysia, China Rainbow International Investment Co Ltd (Criic) and India-based VBC Fertilisers and Chemicals Ltd for the proposed development.
Under the MoU, Genetec was tasked to facilitate CRIIC’s participation in the project. CRIIC would in turn nominate the engineering, procurement, construction and commissioning contractor, and fund 30% of the project’s development cost.