Genetec Technology Bhd (+ve)
TRADING of shares in Genetec Technology Bhd (fundamental: 1.7/3, valuation: 1.1/3) triggered our momentum algorithm yesterday for the second time this year.
The stock closed up eight sen or 4.94% to RM1.70 yesterday, with 952,700 shares done, much higher compared with the counter’s 200-day average of 171,074 shares.
On July 30, Genetec said it had decided not to proceed with its plan to collaborate with several parties for the development of an ammonia and urea manufacturing plant in India. The industrial equipment manufacturer said it was unable to ascertain the technical feasibility and economic viability of the proposed project.
Genetec is currently trading at 0.92 times its net book value.