Press Metal rises 2.8% on stronger earnings prospect

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KUALA LUMPUR (Oct 28): Press Metal Bhd rose as much as 2.8% on the back of stronger earnings prospect seen for the aluminium smelter.

Kenanga Research placed a ‘trading buy’ call on the stock on the back of the bullish bias.

At 10.18 am today, Press Metal gained 12 sen or 2% to RM6.20. The sixth top gainer saw trades of some 1.1 million shares. It earlier hit a high of RM6.25.

Rising in tandem were its loan stock interest, PMetal-LA, which rose 40 sen or 7% to RM6.10.  The second top gainer saw 1,700 shares changed hands.

Press Metal’s warrant PMetal-WC was also up by 9 sen or 2.1% to RM4.41. The ninth top gainer saw volume of 273,100 units.

In a note today, Kenanga Research said Press Metal could possibly retest its previous high of RM7.45 with a potential upside of 22.5%.

Kenanga said Press Metal would see immediate key support and resistance levels at RM5.60 and RM6.22 respectively.

It noted the firm has gained much market interest, with higher trading volume of the shares yesterday.