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NewsHot Stock Melewar up 9.33%, boosted by strong momentum in steel industry
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Hot Stock Melewar up 9.33%, boosted by strong momentum in steel industry
by Cals Wed 11 May 2016, 13:21
- Hot Stock
[size=28]Melewar up 9.33%, boosted by strong momentum in steel industry
By Billy Toh / theedgemarkets.com | May 10, 2016 : 2:06 PM MYTKUALA LUMPUR (May 10): Melewar Industrial Group Bhd (Melewar)’s share price rose by 9.33% or 3.5 sen at the midday break to 41 sen, from 37.5 sen, as the steel industry regained momentum this year. It had earlier risen to its intra-morning high of 43 sen.
The stock saw 21.5 million shares exchanging hands as at 12.30pm, as compared to its 200-days average volume of 363,396.5.
A local fund manager said the share price has jumped, as the stock has been boosted by the strong momentum in the steel industry recently.
“Melewar has been on the upside since the end of April, in line with the steel industry as a whole. With the company recently returning to profit and [with] a more positive sentiment in the steel and metal industry, the market is bullish of the stock,” he said.
Melewar had recently return to the black in its second quarter financial year 2016 report ended Dec 31, 2015 (2QFY16), showing a net profit of RM3.48 million as compared to a loss of RM3.64 million in the corresponding quarter a year ago
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