MARKET DEVELOPMENT
MMC Corp Under Pressure, CPO Prices Fall (Update)
MMC Corp Under Pressure, CPO Prices Fall (Update)
09/09/2014 (The Star) - MMC Corporation continued to come under some selling pressure on Tuesday over a possible delay in the listing of Malakoff while plantation stocks, tracking the decline in crude palm oil (CPO) futures.
At 12.30pm, the FBM KLCI fell 0.86 of a point to 1,870.23. Turnover was 1.23 billion shares valued at RM803.23mil. There were 334 gainers, 371 losers and 325 counters unchanged.
CPO for third-month delivery fell RM16 to RM2,029 as a wire report said as rain boosted soybean corps in the US. KL Kepong fell 20 sen to RM22, PPB Group eight sen to RM14.92, FGV two sen to RM3.83 but IOI Corp rose two sen to RM4.82.
A possible delay in the listing of its power subsidiary Malakoff threw MMC Corp’s rally off track. It lost 12 sen to RM2.55 with nearly one million shares done. It hit a high of RM2.79 on Sept 5.
Hong Leong Bank fell 16 sen to RM14.66 on profit taking, while HLFG lost six sen to RM18.20. Maybank lost six sen to RM10.08, RHB Cap four sen to RM9.06 but CIMB gained two sen to RM7.27.
Bus transport company Konsortium Transnasional Bhd (KTB) rose 9.5 sen to 40 sen with 60.80 million shares done on expectations of a corporate exercise.
Interestingly, the share price ran up after StarBiz reported there was a block of 64 million shares of the bus transport company was done at 62.5 sen each, valuing the transaction at RM40mil. The price was 105% or 32 sen higher than the 30.5 sen of KTB’s closing price on Monday.
Petronas-linked stocks were higher, with Petronas Dagangan and Petronas Gas added two sen each to RM20.48 and RM22.94 while Petronas Chemicals edged up one sen to RM6.35.
Rev Asia , formerly Catcha Media, rose 32 sen to RM1.39 after it proposed to dispose of up to 52.2 million shares, or a 27.2% stake, in Australia-listed iCar Asia Ltd at a price to be determined later.
The ringgit weakened against the US dollar to 3.1910 from 3.1740.
Among the key regional markets,
Japan’s Nikkei 225 rose 0.42% to15,770.91;
Hong Kong’s Hang Seng Index fell 0.2% to 25,190.45;
Shanghai’s Composite Index fell 0.12% to 2,323.73;
Taiwan’s Taiex rose 0.3% to 9,436.36;
Singapore’s Straits Times Index rose 0.3% to 3,345.22.
US light crude oil rose 24 cents to US$92.90 but Brent fell 14 cewnts to US$100.06.
Spot gold fell 43 cents to US$1,255.02.
At 12.30pm, the FBM KLCI fell 0.86 of a point to 1,870.23. Turnover was 1.23 billion shares valued at RM803.23mil. There were 334 gainers, 371 losers and 325 counters unchanged.
CPO for third-month delivery fell RM16 to RM2,029 as a wire report said as rain boosted soybean corps in the US. KL Kepong fell 20 sen to RM22, PPB Group eight sen to RM14.92, FGV two sen to RM3.83 but IOI Corp rose two sen to RM4.82.
A possible delay in the listing of its power subsidiary Malakoff threw MMC Corp’s rally off track. It lost 12 sen to RM2.55 with nearly one million shares done. It hit a high of RM2.79 on Sept 5.
Hong Leong Bank fell 16 sen to RM14.66 on profit taking, while HLFG lost six sen to RM18.20. Maybank lost six sen to RM10.08, RHB Cap four sen to RM9.06 but CIMB gained two sen to RM7.27.
Bus transport company Konsortium Transnasional Bhd (KTB) rose 9.5 sen to 40 sen with 60.80 million shares done on expectations of a corporate exercise.
Interestingly, the share price ran up after StarBiz reported there was a block of 64 million shares of the bus transport company was done at 62.5 sen each, valuing the transaction at RM40mil. The price was 105% or 32 sen higher than the 30.5 sen of KTB’s closing price on Monday.
Petronas-linked stocks were higher, with Petronas Dagangan and Petronas Gas added two sen each to RM20.48 and RM22.94 while Petronas Chemicals edged up one sen to RM6.35.
Rev Asia , formerly Catcha Media, rose 32 sen to RM1.39 after it proposed to dispose of up to 52.2 million shares, or a 27.2% stake, in Australia-listed iCar Asia Ltd at a price to be determined later.
The ringgit weakened against the US dollar to 3.1910 from 3.1740.
Among the key regional markets,
Japan’s Nikkei 225 rose 0.42% to15,770.91;
Hong Kong’s Hang Seng Index fell 0.2% to 25,190.45;
Shanghai’s Composite Index fell 0.12% to 2,323.73;
Taiwan’s Taiex rose 0.3% to 9,436.36;
Singapore’s Straits Times Index rose 0.3% to 3,345.22.
US light crude oil rose 24 cents to US$92.90 but Brent fell 14 cewnts to US$100.06.
Spot gold fell 43 cents to US$1,255.02.