=MARKET BUZZ: Malaysia's Steel Shares Up On Hopes Of Strong 4Q Earnings
KUALA LUMPUR (Feb 13) -- Shares of steel companies surge as strong 4Q earnings from CSC Steel Holdings raises hopes of better showing by other steel companies. CSC Steel +4% at MYR1.57, after 4Q earnings more-than-doubled on year on higher selling prices for steel products. "We expect steel companies to record better earnings in 2018 as construction works for LRT and MRT projects picking up, hence raise local steel's demand," says analyst at local brokerage. Adds, strengthening ringgit against dollar will help reduce cost, and recent correction in shares price has provided better valuation on stocks. Ann Joo Resources +4.7% at of MYR3.57; Southern Steel +6.4% at MYR2.01; Malaysia Steel Works(KL) +3.4% at MYR1.22; Lion Industries Corporation +2.5% at MYR1.23.
- By Chong Sin Hao; Dave.Chong@nikkeinewsrise.com; +60320267363
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