Tuesday, February 8, 2011

HWGB down on profit taking

KUALA LUMPUR: HO WAH GENTING BHD [] []'s (HWGB) shares and its warrants fell in active trade in late morning on Tuesday, Feb 8 as traders were quick to lock in gains after the recent run-up on news about its tin mining operations.

At 11.42am, HWGB fell six sen to 87 sen with 35.96 million shares done while its HWGB-WB lost 7.5 sen to 82 sen with 18.14 million units done.

The FBM KLCI rose 5.62 points to 1,540.86. Turnover was 1.43 billion shares valued at RM942.71 million. There were 354 gainers, 333 losers and 279 stocks unchanged.

Last Wednesday, HWGB said its subsidiary is targeting its tin ore mining business to record a compounded annual growth rate (CAGR) of 20% in output over the next three years.

It said the foray into the tin mining business would enable it to derive an additional source of revenue for financial year ending Dec 31, 2011. This was in addition to its existing wire and cable business.

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