KUALA LUMPUR (Aug 7): JAG Bhd rose as much as 0.5 sen or 3% to become Bursa Malaysia's second most-active stock as China copper prices strengthened near a four-year high.
JAG extracts copper from electronic components which it recycles. The company subsequently sells the metal on the open market.
At Bursa Malaysia, JAG shares rose to their highest so far today at 15 sen.
At 12:30pm, JAG shares settled unchanged at 14 sen with some 23 million shares changing hands.
Hong Leong Investment Bank Bhd head of retail research Loui Low told theedgemarkets.com that "based on technical indicators, the support level for JAG shares was at 13 to 14 sen while resistance was seen at between 16 and 18 sen".
JAG shares rose with copper prices on the Shanghai Futures Exchange. Reuters reported that Shanghai copper came within a whisker of its highest in four years on Monday after a rally in steel unleashed short-covering across metals, before prices quickly retraced in line with a stronger US dollar.
Shanghai Futures Exchange copper surged more than 1% to top out at 51,060 yuan (about RM32,517) a tonne, just shy of February's 51,200-yuan high, a breach of which would take prices back to levels last seen in April 2013.
Copper 2.94. Doesn't mean high profits, high stock price. Depends on top management how they manage the company in the long run. The above is true only when operators come in to make a fast buck riding on the profit wave.
why not high profit?..they got metal from cheap scrap.In fact, the management already got approval from shreholder to buy back at max 10% of the share.Their property division expected to generate profit 20mil to 35mil and it is expected to be launch by 3qr of this year.Management also clearly stated the 30% increase in revenue for this year.It is also clearly stated that the waste management already secured contract value 40% more than past financial year.Even the board in past qr give opinion 2017 financial year will become favourable. If management can execute all the plan smoothly, i think 0.2 is still cheap. Correct me if im wrong.
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bruce551133
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Posted by bruce551133 > 2017-08-07 13:01 | Report Abuse
ga yau! ga yau! ga yau! up up up...jag... :-D :-D :-D