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Despite the market rally that took place in most part of this year, share prices of steel-related counters have largely stagnated as investors stayed away from the sector.
However, thanks to the anti-dumping duty news and the recovery play in the sector, such counters are finally waking up from deep slumber.
Yesterday, Masteel jumped 34.58% to 72 sen, its highest in over two years, while Lion Industries gained 17.46% to 74 sen, its highest since mid-2018.
Melewar surged by 74.63% to 58.5 sen, Mestron Holdings Bhd gained 10.26% to 21.5 sen, Mycron Steel Bhd rose by 52.69% to 71 sen and Hiap Teck (pic) was up by 5.49% to 48 sen.
Melewar surged by 74.63% to 58.5 sen, Mestron Holdings Bhd gained 10.26% to 21.5 sen, Mycron Steel Bhd rose by 52.69% to 71 sen and Hiap Teck (pic) was up by 5.49% to 48 sen.
As at 3.15pm, the benchmark FBM KLCI had shed 6.13 points to 1,637.77.
The overall market breadth skewed towards negative territory with losers outpacing gainers 601 to 490, while 466 counters were unchanged, 571 untraded and 22 others suspended.
Volume stood at 6.51 billion units worth RM2.81 billion.
Glove makers Hartalega Holdings Bhd slid 56 sen to RM11.90, Top Glove Corp Bhd declined 19 sen to RM6.07 and Supermax Corp Bhd weakened 31 sen to RM6.08.
Among other heavyweights, Malayan Banking Bhd (Maybank) rose four sen to RM8.58, Petronas Chemicals Group Bhd (PetChem) added one sen to RM7.50, IHH Healthcare Bhd gained two sen to RM5.74 and CIMB Group Holdings Bhd added three sen to RM4.33, whie Hong Leong Bank Bhd (HLB) and Maxis Bhd were flat at RM18.60 and RM5.07 respectively.
KUALA LUMPUR (Dec 29): Shares in Mestron Holdings Bhd rose 11.63% to an all-time high in early trade today on the back of a positive technical outlook for the stock.
At 9.17am, the industrial product and service provider had risen 2.5 sen to 24 sen, with 85.4 million shares done.
RHB Retail Research said Mestron saw its share price jump higher in tandem with an increase in trading volume.
In a trading stock note today, the research house said with the recent surge in trading volume, the sentiment tends to be bullish and the stock is ready to challenge the immediate resistance level marked at 21.5 sen.
KUALA LUMPUR (Dec 18): Steel pole maker Mestron Holdings Bhd is teaming up with Samdo Smart Solar (M) Sdn Bhd to jointly undertake engineering, procurement, construction and commissioning (EPCC) services for six solar power systems for telecommunication towers in Malaysia.
Mestron s wholly-owned Mestron Engineering Sdn Bhd (MESB) inked a joint venture agreement with Samdo for the partnership today.
Samdo, according to Mestron in its stock exchange filing today, is the appointed service provider of a local telecommunication service provider to provide the EPCC services for the towers that are spread out in Peninsular and East Malaysia.
Under the partnership, the two parties shall undertake the EPCC services on a 50:50 profit-sharing basis.