Crude Palm Oil Rebounds, Lifts Plantations and KLCI

KUALA LUMPUR: The FBM KLCI snapped its losing streak to close higher on Thursday, as a rebound in the crude palm oil (CPO) prices shored up plantation stocks such as KL Kepong and PPB Group.

At 5pm, the KLCI was up 4.34 points or 0.23% to1,869.21. Turnover was 2.57 billion shares valued at RM2.11bil. There were 390 gainers, 430 losers and 352 counters unchanged.

CPO for third month delivery rose RM36 to RM2,014 per tonne on positive comment by industry players. This pushed up KL Kepong by RM1.10 to RM23.40 and gave the KLCI the 2.06 points boost while PPB Group added 30 sen to RM15. FGV rose seven sen to RM3.85, but IOI Corp shed four sen to RM4.79.

Among the banks, AmBank rose 10 sen to RM6.77, Maybank and Public Bank two sen each to RM10.16 and RM19.18 but RHB Cap lost three sen to RM9.11. HL Cap jumped 50 sen to RM13.80 after it was given three more months to rectify its public shareholding spread.

Among the Petronas and oil and gas related stocks, Petronas Dagangan added 42 sen to RM20.40, Petronas Gas 32 sen to RM22.84 and Petronas Chemicals five sen to RM6.32.

Tenaga fell six sen to RM12.34 and TM one sen to RM6.34 while UMW was down eight sen to RM12.20.

Among the consumer stocks, Dutch Lady added 30 sen to RM46.70 but BAT fell 28 sen to RM71.32 and GAB 22 sen lower at RM13.22.

The ringgit strengthened against the US dollar to 3.1780 from 3.1810.

Among the key regional markets,

Japan’s Nikkei 225 fell 0.33% to 15,676.18;

Hong Kong’s Hang Seng Index fell 0.38% to 11,761.71;

Shanghai’s Composite Index rose 0.8% to 2,306.86;

Taiwan’s Taiex  fell 0.23% to 9,428.89;

South Korea’s Kospi rose 0.25% to 2,056.26 and

Singapore’s Straits Times Index fell 0.19% to 3,342.45.

US light crude oil fell 56 cents to US$94.98 and Brent 39 cents lower at US$102.38.

Spot gold rose US$2.74 to US$1,272.14.


Source : The Star

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