Press Metal share price slumps on selling pressure

-A +A

KUALA LUMPUR (Apr 24): Aluminium extruding firm Press Metal Bhd (Press Metal) emerged as Bursa Malaysia’s second biggest loser in morning trade today.

The company’s share price whose reference price stood at RM3.24 today took a plunge today to a low of RM2.88, losing 36 sen.

At 11.08am, it made a slow climb to settle at RM2.94, losing 30 sen or 9.26 sen from today’s opening price after over 9.9 million shares changed hand.

Just yesterday, Press Metal (fundamental: 0.95; valuation: 1.7) suffered an 11 sen or 3.28% decline to close at RM3.24 having experienced heavy profit taking.

Kenanga Research in a note today said that technically, the chart had turned less compelling with all the indicators moving south.

“This prompt us to take a more conservative route by locking in our gains … despite the share not meeting our stop-loss level of RM3.20. We might revisit the stock when the share price technical picture becomes attractive again,” it added.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)