KUALA LUMPUR: Press Metal Bhd
's shares surged at midday on Friday after the group said it remained upbeat on the outlook of the aluminium industry.
At 12.30pm, Press Metal ended the morning session 13 sen higher to settle at RM5.72 with 1.96 million shares done between RM5.66 and RM5.81.
The FBM KLCI was up 1.22 points to 1,811.90. Turnover was 813.9 million shares valued at RM1.055bil. There were 491 gainers, 227 decliners and 275 counters unchanged.
Its chief executive officer Datuk Koon Poh Keong said despite the forecast deficit of one million tonnes this year, more industries were moving to use it primarily due to the tighter regulation on emission control in the western countries.
“The price of aluminium has been holding well. It is at US$2,000 (RM6,400) a tonne now and next year is set to be US$2,200 (RM7,040),” he told reporters after the company’s extraordinary general meeting on Thursday.
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