KUALA LUMPUR: Shares in Genetec Technology Bhd breached RM40 in early trade Friday as it continued to attract investors’ interest.

The industrial-automation specialist advanced 1.71%, or 68 sen to RM40.36, its record high at 9.17am. The counter has surged over 2,400% so far this year from RM1.80 on Jan 4.

At its current price, Genetec has a market capitalisation of about RM2.08bil.

It is unclear what is driving the rally in Genetec’s share prices. The company has not made any corporate announcements apart from matters related to its employees’ share option scheme.

RHB Retail Research said Genetec is poised to continue the bullish momentum after it bounced off from a recent pullback and attempted to hit the immediate resistance of RM40.

“If a breakout happens, the positive momentum above that level is expected to chart a new high at the RM45 mark, before possibly reaching RM50.

“Conversely, falling below the RM37.80 support will nullify this expectation,” RHB said.

In the first quarter ended June 30, Genetec posted a net profit of RM8.18mil against a net loss of RM2.08mil a year ago. Its revenue more than tripled to RM40.27mil from RM12.42mil a year before.



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