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Hot Stock Press Metal rises 6% on potential upturn in aluminium price
by Cals Sat 26 Apr 2014, 18:13
| Hot Stock Press Metal rises 6% on potential upturn in aluminium price |
| Business & Markets 2014 |
| Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com |
| Friday, 25 April 2014 09:51 |
| KUALA LUMPUR (Apr 25): Press Metal Bhd rose 6.1% in morning trades after a report said that the company was well-positioned to capitalise on a potential upturn in the price of aluminium. At 9.41 am, Press Metal shares were traded at RM3.60, up 13 sen or 3.7% with some 678,200 shares done. Earlier, it was among the top 10 gainers on the bourse, rising as much as much as 21 sen or 6.1% to a high of RM3.68. Its warrant stocks, PMETAL-LA and PMETAL-WC also increased in tandem, rising 20 sen and 11 sen respectively to trade at RM3.55 and RM1.83. RHB Research said in a note today that Press Metal is well-positioned to capitalise on a possible upturn in the LME aluminium price as its smelters have reached full commissioning. It added that the LME aluminium price has moved into a healthy consolidation after its recent surge, while its premium remains firmly at a record-high level – reinforcing that the aluminium market was bottoming out. The research house maintained its Buy rating on Press Metal, with a higher fair value of RM5.47 (from RM4.11). |
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