Ann Joo leads steel counters as metal prices stabilise
KUALA LUMPUR (April 10): Ann Joo Resources Bhd led the share price recovery among stocks in the steel sector in morning trade today, as its share price jumped by 9.3% or 27 sen to RM3.17 and was among the top gainers on the Malaysian stock exchange.
According to a technical analyst, the recovery was more to do with the selldown seen among the steel counters on concerns over the 25% tariff on steel imports imposed by the US.
This was despite Malaysia being accounted for only less than 1% of US’ total steel imports in 2017.
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