Press Metal up 4.35% as KLCI tracks Wall Street gains

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KUALA LUMPUR (April 17): Shares in Press Metal Aluminium Holdings Bhd rose as much as 4.35% or 21 sen to RM5.04 this morning, tracking gains in the local benchmark index after US stocks saw a 200-point spike overnight.

The KLCI constituent opened at RM4.95 this morning, up from its last price of RM4.83 on Monday, and rose to breach the RM5-level soon after.

At 10.50am, Press Metal held firm at RM5 — still up 17 sen or 3.52% from its previous closing price — with a total of 4.99 million shares traded, valuing it at a market capitalisation of RM19.34 billion.

The Dow Jones Industrial Average closed 212.9 points or 0.87% higher on Monday.

US stocks rallied as Wall Street appeared to be less worried about US-led missile attacks in Syria, and investors may be returning to the market as strong earnings growth in the quarter are anticipated, Reuters reported.

Across Bursa Malaysia, some 1.18 billion shares worth RM662.78 million in total changed hands so far, with gainers outnumbering losers at 305 to 270.

The FBM KLCI was up 5.26 points or 0.28% at 1,884.17 points at the time of writing.