Malaysia Steel Works (KL) Bhd (-ve)
SHARES in Malaysia Steel Works (KL) Bhd (fundamental: 0.15/3, valuation: 0.9/3), which were red-flagged by our proprietary algorithm yesterday — suggesting investors should exercise extra caution when trading in its shares — closed 11.73% or 10.5 sen higher yesterday at its one-year high of RM1.
It saw 31.93 million shares traded, compared with its 200-day average volume of 1.59 million.
Malaysia Steel’s momentum was in line with the rest of the steel players after the federal government issued provisional safeguard measures regarding rebar imports into Malaysia.
This will likely be another boost to the company after it registered a net profit of RM10.7 million in the second quarter ended June 30, 2016 (2QFY16), compared to a net loss of RM14.2 million in 2QFY15.
Year to date, its share price has risen 156.41%. At its current price, it has a market capitalisation of RM243.74 million.