KINSTEEL Bhd rose to a nine-month high in Kuala Lumpur trading, leading gains among Malaysian steelmakers as prices of the metal climbed, buoying expectations of higher earnings this year.
At midday, Pahang-based Kinsteel added 2.6 per cent to 97.5 sen, on course for their highest close since August 29. Lion Industries Bhd gained 2.3 per cent to RM1.35 and Ann Joo Resources Bhd rose 2 per cent to RM2.02.
Steel billet import prices from Southeast Asia have climbed 20 per cent to around $430 a ton, while local steel bars have also rebounded to RM2,000 a ton from RM1,600, signaling a recovery in steel prices, Mak Hoy Ken, an analyst at AmResearch Sdn Bhd wrote in a report today.
The “worst is clearly over for the steel industry and earnings are expected to stage a strong turnaround from the third quarter,” said Mak, who has an “overweight” call on the Malaysian steel industry. -- Bloomberg
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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