Bursa Community
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Bursa Community

Bursa Malaysia Stock Forum - Enriching You!


Hot Stock Press Metal rises 5% on higher aluminium price, resumption in smelting plant

Bursa Community :: Community Trader

Go down

Hot Stock Press Metal rises 5% on higher aluminium price, resumption in smelting plant Empty Hot Stock Press Metal rises 5% on higher aluminium price, resumption in smelting plant

Post by Cals Fri 11 Apr 2014, 14:30

Hot Stock Press Metal rises 5% on higher aluminium price, resumption in smelting plant
Business & Markets 2014
Written by Jeffrey Tan of theedgemalaysia.com   
Friday, 11 April 2014 11:28

KUALA LUMPUR (Apr 11): Press Metal Bhd gained as much as 4.8% in morning trades amid rising  aluminium price and the resumption of its aluminium smelting plant in Mukah, Sarawak.

According to an analyst familiar with the stock, these two factors will spur a strong earnings growth for Press Metal, where earnings per share is expected to jump 45%.

At 11.12 am today, Press Metal climbed 13 sen or 4.8% to RM2.83. The seventh top gainer saw trades of some 2.8 million shares.

The analyst told theedgemalaysia.com over the telephone: “Currently, the price of aluminium has risen to US$1,850 per tonne from US$1,700 per tonne early this year.”

“Besides that, Press Metal’s two smelting plants in Mukah and Samalaju are operating close to 100%.”

The analyst said the Mukah smelting plant has resumed operations since late last year, after it suffered a shutdown due to a statewide power outage in mid-2013.
“With these favourable developments, investors are accumulating the stock as they see value in the firm,” said the analyst.

Kenanga Research in a note today said Press Metal would see immediate technical support and resistance levels at RM2.49 and RM2.72 respectively.
Cals
Cals
Administrator
Administrator

Posts : 25277 Credits : 57721 Reputation : 1766
Male Join date : 2011-09-08
Location : global
Comments : “My plan of trading was sound enough and won oftener that it lost. If I had stuck to it I’️d have been right perhaps as often as seven out of ten times.”
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis

Back to top Go down

Back to top

- Similar topics

Bursa Community :: Community Trader

 
Permissions in this forum:
You cannot reply to topics in this forum