03-01-2008
KUALA LUMPUR: Steel stocks rallied yesterday as sentiment was bolstered by China’s move to raise the export duty on low value and semi-finished steel products by 5% to 15% effective on Tuesday.
Analysts said the higher export duty was expected to boost the Southeast Asian long steel products. Southern Steel Bhd gained 41 sen to RM2.21 and its loan stocks jumped 27 sen to RM2.04. Ann Joo Resources Bhd added 27 sen to RM2.94 and Kinsteel Bhd firmed 24 sen to RM1.58 while the warrants jumped 21 sen to RM1.36.
Lion Industries Bhd added 17 sen to RM2.33, Melewar Industries Bhd rose 14 sen to RM1.53 and Malaysia Steel Works Bhd 13 sen higher to RM1.81
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