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Volatile market: A punter watching trading boards at a private stock market gallery in Kuala Lumpur. The FBM KLCI closed 24.23 points up yesterday after falling 40.62 points Tuesday. — AP (26-0)
But this year, the once beleaguered sector saw a change in its fortune as China’s steel prices stabilised, driven by government initiatives to reduce its steel production capacity in a bid cut the steel glut and reduce pollution there. (6-0)
A number of steel producers have reported strong earnings from higher steel prices, although some are still in the doldrums. The steel industry has been in a slump the last five years, beleaguered from the oversupply of steel products especially from China. (0-1)
Steel companies in focus include Southern Steel Bhd, which gained six sen to close at RM2.43; Malaysia Steel Works (KL) Bhd, which firmed up five sen to RM1.61; and Ann Joo Resources Bhd(pic), which remained unchanged at RM3.68. Ann Joo, for example, saw its share price tripling over the past two years, said analysts.
KUALA LUMPUR : Shares of Ann Joo Resources Bhd hit a new all-time high of RM2.83 this morning as analysts foresee better earnings visibility for the company following last week's determination of safeguard duties for the import of bars and rods.
KUALA LUMPUR : Maybank IB Research has reiterated its 'buy' call on Ann Joo Resources Bhd following the determination of safeguard duties for the import of bars and rods at 11% to 14% on a declining rate over the next three years.
KUALA LUMPUR (April 6): The FBM KLCI extended its losses at mid-morning today, in line with the lacklustre regional markets.
KUALA LUMPUR (April 5): The FBM KLCI was down 0.26% at the midday break due to what is seen as a short-term consolidation, despite regional stocks advancing.
KUALA LUMPUR: AmInvestment Research has upgraded Ann Joo Resources to a “buy” with a higher fair value of RM3.20 and expects steel demand to trend upwards. In a report, the research house said its fair value on Ann Joo was based on 10 times FY18 forecast diluted EPS, average of three mid-cycles’ price-earnings (PE) multiples between January 2012 to September 2003, June 2005 to June 2008 and September 2010 till present.
KUALA LUMPUR (April 5): The FBM KLCI dipped 0.19% at mid-morning today as sentiment at the local market stayed tepid in line with the cautious regional markets.
KUALA LUMPUR (March 28): The FBM KLCI pared some of its gains at mid-morning today but hovered above the 1,750-point level, lifted by select blue chips.
KUALA LUMPUR (Feb 22): Ann Joo Resources Bhd shares jumped 4.35% this morning after it returned to the black in the fourth quarter ended Dec 31, 2016 (4QFY16), posting a net profit of RM45.94 million or 9.18 sen a share against a net loss of RM47.67 million or 9.52 sen a share a year ago, driven by contributions from its manufacturing and trading divisions.
MarketWrap: US stocks rose to fresh record highs on Tuesday, boosted by strong earnings reports from Wal-Mart and Home Depot and continued optimism about the economic agenda of President Donald Trump. - Reuters The DJIA rose 118.95 points, or 0.58%, to 20,743, the S&P 500 gained 14.22 points, or 0.60%, to 2,365.38 and the Nasdaq added 27.37 points, or 0.47%, to 5,865.95. Energy Oil prices ended about 1% higher after touching three-week highs on Tuesday on Opec's optimism for greater compliance with its deal with other producers including Russia to curb output in an effort to clear a glut that has weighed on the market.
KUALA LUMPUR (Feb 22): The FBM KLCI edged up cautiously in early trade today in line with the gains at most regional markets.
KUALA LUMPUR (Feb 22): The FBM KLCI is expected to cautiously defend its 1,700-point level today in line with the overnight gains at most global markets.