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Wednesday, April 22, 2009

Ann Joo wins significant orders

KUALA LUMPUR: Ann Joo Resources Bhd, Malaysia’s biggest steelmaker by stock market value, won its biggest export orders in six months amid signs overseas sales for the industry are recovering, AmResearch said after meeting executives.

The manufacturer, which swung to a loss in the final quarter of 2008, won overseas orders of 40,000 to 50,000 tonnes in the past two weeks, Mak Hoy Ken, an analyst at AmResearch in Kuala Lumpur, wrote in a report yesterday after visiting Ann Joo’s plants. Ann Joo rose as much as 3.3% to RM1.59 after the report, which said the company resumed full production at its plant in April after a two-month shutdown.

Economic data from Japan to the US suggest world trade may have bottomed as countries including China roll out stimulus packages.“After months of declines, there appears to be imminent signs of green shoots sprouting in the steel market,” Mak said by phone. “There appears to be a bit more optimism on demand, especially on the exports side.”

Ann Joo closed three sen higher at RM1.57 yesterday, with 1.8 million shares done. Southern Steel Bhd, Malaysia’s second-biggest steelmaker, rose 10 sen or 6.76% to RM1.58. Lion Industries Corp, the No 3, rose 7.5 sen or 9.26% to 88.5 sen, while Kinsteel Bhd, the fourth-biggest, gained 1.5 sen or 2.7% to 57 sen. The Kuala Lumpur Composite Index closed 1.98 points or 0.2% higher at 968.58.

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