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Hot Stock Kinsteel slumps 6.45% on negative outlook for steel sector
by Cals Mon 29 Jun 2015, 20:51
Hot Stock
Kinsteel slumps 6.45% on negative outlook for steel sector
KUALA LUMPUR (June 29): Shares of Kinsteel Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) slumped this morning after MIDF Research maintained its “Negative” rating on the steel sector and said China’s steel production remained high leading to a rise in export volume of steel.
At 9.45am, Kinsteel lost 6.45% or one sen to 14.5 sen with 2.31 million shares done.
In a note today, the research house said export tonnages for Wire Rod and Rebars continue to be rampant.
MIDF Research said global steel production capacity utilization declined reflecting overcapacity in steel production worldwide
“Continue to expect rampant dumping activities of steel products in the local market.
“Volatile raw material prices to continue to pose challenges to margins of steel players.
“Maintain Negative on the sector,” it said.
Kinsteel slumps 6.45% on negative outlook for steel sector
KUALA LUMPUR (June 29): Shares of Kinsteel Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) slumped this morning after MIDF Research maintained its “Negative” rating on the steel sector and said China’s steel production remained high leading to a rise in export volume of steel.
At 9.45am, Kinsteel lost 6.45% or one sen to 14.5 sen with 2.31 million shares done.
In a note today, the research house said export tonnages for Wire Rod and Rebars continue to be rampant.
MIDF Research said global steel production capacity utilization declined reflecting overcapacity in steel production worldwide
“Continue to expect rampant dumping activities of steel products in the local market.
“Volatile raw material prices to continue to pose challenges to margins of steel players.
“Maintain Negative on the sector,” it said.
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