Steel, aluminium stocks hammered

Downtrend: Steel products being stored in an Ann Joo Resources facility. Since the beginning of March, Ann Joo Resources has seen its share price plunging by more than 12.6, Southern Steel Bhd falling almost 10, Hiap Teck Venture Bhd losing more than 12.6, Malaysia Steel Works (KL) Bhd dropping more than 26, CSC Steel Holdings Bhd slipping 8.6 and Choo Bee Metal Industries Bhd declining by more than 10.6.

THE LOCAL equity market was topsy-turvy this week along with world markets amid turmoil in the US over President Donald Trump’s plan to implement tariffs on steel and aluminium imports.

Being an export-driven economy, the Asian region will be hit the most by the resignation of US National Economic Council Director Gary Cohn from the Trump administration in the coming weeks.