MARKET DEVELOPMENT
Plantations Advance on Gains by Crude Palm Oil
Plantations Advance on Gains by Crude Palm Oil
07/02/2014 (The Star) - Plantation stocks advanced on Thursday, with Kuala Lumpur Kepong (KLK) and PPB Group Bhd among the gainers as crude palm oil (CPO) prices rose for the second day.
At 3.57pm, KLK was up 60 sen to RM23.70 with 560,200 shares done. PPB Group added 18 sen to RM15.24.
The FBM KLCI rose 6.84 points to 1,792.72. Turnover was 1.37 billion shares valued at RM1.49bil. There were 413 gainers, 301 losers and 295 counters unchanged.
CPO futures for third month delivery rose RM24 to RM2,570 per tonne.
Bloomberg reported the higher CPO price was due to speculation that dry weather in South America may cut soybean production and potentially reduce global cooking oil supplies.
At 3.57pm, KLK was up 60 sen to RM23.70 with 560,200 shares done. PPB Group added 18 sen to RM15.24.
The FBM KLCI rose 6.84 points to 1,792.72. Turnover was 1.37 billion shares valued at RM1.49bil. There were 413 gainers, 301 losers and 295 counters unchanged.
CPO futures for third month delivery rose RM24 to RM2,570 per tonne.
Bloomberg reported the higher CPO price was due to speculation that dry weather in South America may cut soybean production and potentially reduce global cooking oil supplies.