Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 23): Press Metal Bhd shares dipped 3.82% in late morning trades on Tuesday as some mild profit-taking compounded by softening of global metal prices weighed on the counter.

The aluminum manufacturer’s share price fell to a low of RM2.72 from its reference price of RM2.88; but edged up to RM2.77 as at 11.20am.

A total of 672,700 shares changed hands.

Global metal markets have remained vulnerable to concerns of global oversupply.

Most commodities appear oversold, but weak near-term fundamentals are unlikely to boost investor confidence, ANZ Bank said in a research note, according to Reuters.

Aluminium gained 0.3% to US$1,886 a tonne, barely denting an overnight drop of 1.4% on Monday, said Reuters.

Meanwhile, Inter Pacific Securities remisier Sam Ng said he deemed the dip in Press Metal’s share price as “technical profit-taking” as the shares closed at a high of RM2.88 yesterday.

He said the fall was still within range as the company’s fundamentals were still intact.

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