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