Recovery in steel prices fails to sustain bullish sentiment on M'sian stocks

Although steel prices are up by over 10% year-to-date, the recovery in the stock prices of steel producers was shortlived after two days of increases. The steel counters succumbed to profit-taking despite the positive outlook in global steel prices yesterday

PETALING JAYA: The recovery in the price of steel bars and wire rods has failed to sustain the bullish sentiment on the producers.

Although steel prices are up by over 10% year-to-date, the recovery in the stock prices of steel producers was shortlived after two days of increases.