KUALA LUMPUR: ACE-Market listed Genetec Technology Bhd surged to a 52-week high of 73 sen on Monday, March 15 after its recent announcement of a one-for-one bonus issue, but skidded to close at 48.5 sen.

Shares of Genetec, which designs and develops industrial automated equipment for the manufacturing sectors, were actively traded with 26.78 million shares done.

The share price surged to 73 sen at 9.10am yesterday, up 12.5 sen from Friday's close of 60.5 sen. It then started to lose ground and ended the day down 12 sen to 48.5 sen. Last Friday, the shares rose 12.5 sen to 60.5 sen ahead of the announcement of the bonus issue.

In the broader market, the FBM KLCI fell below the crucial 1,300 level, down 11.53 points to 1,299.67. The market sentiment was cautious with declining counters beating advancers 461 to 211 on concerns about China taking more measures to rein in its growth and concerns that Bank Negara could raise the overnight policy rate again.

Genetec’s largest shareholder is Atis Corp Bhd which has a 39.91% stake or 48.25 million shares while managing director Chin Kem Weng holds 21.59% or 26.1 million shares.