MARKET DEVELOPMENT
Plantations Under Pressure as KLCI Slips
Plantations Under Pressure as KLCI Slips
19/08/2014 (The Star) - Plantation stocks continued to come under some selling pressure due to weakening crude palm oil (CPO) prices which fell to their lowest since October 2009 but some buying of Public Bank and RHB Cap helped stem the decline.
At the close, the FBM KLCI fell 2.56 points or 0.14% to 1,861.75 and pushed the 30-stock into the red, down 0.28% year-to-date. Turnover was 3.56 billion shares valued at RM2.46bil. There were 454 gainers, 437 losers and 300 stocks unchanged.
Key Asian markets were mixed, with Japan and China eking out marginal gains while Taiwan and South Korea fell.
Reuters reported European stocks rebounded strongly and prices of top-rated bonds fell on Monday as investors breathed easier over the crisis in Ukraine, which had appeared to escalate dangerously on Friday.
The dollar edged higher versus a basket of currencies. The strengthening of the ringgit saw the ringgit giving up its earlier gains to end at 3.1565 at 5pm, from the previous close of 3.1537. The ringgit had strengthened to 3.1497 earlier in the day.
Crude palm oil for third-month delivery fell RM5 to RM2,086, which was the lowest in five years on rising stockpiles.
PPB Group lost 44 sen to RM14.68, Genting Plantations and KL Kepong 18 sen each to RM10.38 and RM23.12, FGV seven sen to RM3.91 and IOI Corp two sen lower at RM4.99.
Among consumer stocks, BAT lost RM1.96 to RM70.47 while Carlsberg fell 26 sen to RM11.92. Nestle rose 56 sen to RM68.50.
As for banks, CIMB and Maybank fell two sen each to RM6.94 and RM10.02 while HL Bank also shed two sen to RM13.98. However, Public Bank gained 10 sen to RM19.24 and RHB Cap 28 sen to RM9.28.
Among the heavyweights, Telekom lost rhee sen to RM6.24 while Tenaga and Sime Darby shed two sen each to RMRM12.30 and RM9.51. Genting Bhd lost 10 sen to RM9.80.
UMW was the top gainer among the 30 KLCI stocks, up 40 sen to RM12.36.
Plantation stocks were among the top gainers, with KSL up 23 sen to RM3.93, Wing Tai and Plenitude 21 sen each to RM2.31 and RM3.48.
Among the key regional markets,
Japan's Nikkei 225 rose 0.03% to 25,322.60;
Hong Kong's Hang Seng Index was flat at 24,955.46;
Shanghai's Composite Index rose 0.57% to 2,239.47;
Taiwan's Taiex fell 0.71% to 9,141.31;
South Korea's Kospi fell 0.49% to 2,053.13 and
Singapore's Straits Times Index fell 0.06% to 3,312.78.
US light crude oil tumbled US$1.01 to US$96.34 and Brent US$1.37 lower at US$102.16 as the geopolitical worries over the oil supply lifted. Wire reports said Iraq's Kurds recaptures most of the country's largest dam from the Islamist militants.
Spot gold fell US$2.42 to US$1,302.28.
At the close, the FBM KLCI fell 2.56 points or 0.14% to 1,861.75 and pushed the 30-stock into the red, down 0.28% year-to-date. Turnover was 3.56 billion shares valued at RM2.46bil. There were 454 gainers, 437 losers and 300 stocks unchanged.
Key Asian markets were mixed, with Japan and China eking out marginal gains while Taiwan and South Korea fell.
Reuters reported European stocks rebounded strongly and prices of top-rated bonds fell on Monday as investors breathed easier over the crisis in Ukraine, which had appeared to escalate dangerously on Friday.
The dollar edged higher versus a basket of currencies. The strengthening of the ringgit saw the ringgit giving up its earlier gains to end at 3.1565 at 5pm, from the previous close of 3.1537. The ringgit had strengthened to 3.1497 earlier in the day.
Crude palm oil for third-month delivery fell RM5 to RM2,086, which was the lowest in five years on rising stockpiles.
PPB Group lost 44 sen to RM14.68, Genting Plantations and KL Kepong 18 sen each to RM10.38 and RM23.12, FGV seven sen to RM3.91 and IOI Corp two sen lower at RM4.99.
Among consumer stocks, BAT lost RM1.96 to RM70.47 while Carlsberg fell 26 sen to RM11.92. Nestle rose 56 sen to RM68.50.
As for banks, CIMB and Maybank fell two sen each to RM6.94 and RM10.02 while HL Bank also shed two sen to RM13.98. However, Public Bank gained 10 sen to RM19.24 and RHB Cap 28 sen to RM9.28.
Among the heavyweights, Telekom lost rhee sen to RM6.24 while Tenaga and Sime Darby shed two sen each to RMRM12.30 and RM9.51. Genting Bhd lost 10 sen to RM9.80.
UMW was the top gainer among the 30 KLCI stocks, up 40 sen to RM12.36.
Plantation stocks were among the top gainers, with KSL up 23 sen to RM3.93, Wing Tai and Plenitude 21 sen each to RM2.31 and RM3.48.
Among the key regional markets,
Japan's Nikkei 225 rose 0.03% to 25,322.60;
Hong Kong's Hang Seng Index was flat at 24,955.46;
Shanghai's Composite Index rose 0.57% to 2,239.47;
Taiwan's Taiex fell 0.71% to 9,141.31;
South Korea's Kospi fell 0.49% to 2,053.13 and
Singapore's Straits Times Index fell 0.06% to 3,312.78.
US light crude oil tumbled US$1.01 to US$96.34 and Brent US$1.37 lower at US$102.16 as the geopolitical worries over the oil supply lifted. Wire reports said Iraq's Kurds recaptures most of the country's largest dam from the Islamist militants.
Spot gold fell US$2.42 to US$1,302.28.