KUALA LUMPUR: Shares of Lion Industries rallied in morning trade on Wednesday, Jan 20 after analysts upgraded the outlook for the sector.
At 11.38am, it was up 17 sen to RM1.77 with 8.22 million shares done.
The FBM KLCI rose 2.88 points to 1,303.23. Turnover was 563 million shares valued at RM664 million.
OSK Investment Research was overweight on the steel sector on rising steel prices and expectation of expanding margins, particularly for iron making.
It said demand was set to surge after the Chinese New Year celebration, driven by real demand and improved buying sentiment on positive price trends.
"We have BUY calls on Lion Industries,Southern Steel and Masteel, a Trading BUY on Perwaja, but a NEUTRAL call for Kinsteel and a SELL on Ann Joo," it said.