Luster, warrants slip after recent rally (5068)

KUALA LUMPUR: Luster Industries Bhd's
share price slipped on Monday in active trade on some mild profit
taking after the recent rally and heavy trading which prompted a query
from Bursa Malaysia Securities last week.
At 10.41am, the share
price fell 1.5 sen to 17 sen with 58.42 million shares done. The
warrants, Luster-WA fell one sen to 11.5 sen with 17.52 million units
transacted.
The FBM KLCI
was up 6.55 points to 1,609.62. Turnover was 349.37 million shares done
valued at RM246.14mil. There were 290 gainers, 175 losers and 263
stocks unchanged.
Luster is an integrated manufacturer of high precision and precision plastic parts and components.
Last
Friday, the share price closed 4.5 sen higher to 18.5 sen, with 234.12
million shares changing hands while the warrants gained 2 sen to close
at 12.5 sen, with 149.5 million warrants traded.
There were also
218.53 million Luster Industries shares crossed in several off-market
deals, at a steep discount to its current market price.
Stock
market data showed the last block of 37.48 million shares traded
off-market was transacted at 10.5 sen each or eight sen below Friday's
closing price.
Luster had also reported last week that its managing director Lim See Chea has also served a notice on the call option to financial institution creditors.
However, no details of the proposed disposal have been finalised, including the price.