MARKET DEVELOPMENT
Monday Blues for Bursa Malaysia, CPO Tumbles to Near RM1,950 (Update)
Monday Blues for Bursa Malaysia, CPO Tumbles to Near RM1,950 (Update)
25/08/2014 (The Star) - Malaysia's blue chips fell to a low of 1,860 at midday on Monday, dragged down by losses in plantation stocks after the crude palm oil (CPO) futures fell below the key RM2,000 level.
At 12.30pm, the FBM KLCI was down 10.44 points to 1,860.55. Turnover was 1.55 billion shares valued at RM816.33mil. Declining counters beat advancers 559 to 226 while 281 counters were unchanged.
CPO for third month delivery plunged RM42 to RM1,957 per tonne, the lowest since March 2009 due to the confluence of negative factors such as a decline in exports, rising stockpiles in palm oil and soyabean.
Wire reports stated the weak CPO prices were also due to higher output of palm oil from the world's largest producer Indonesia whose exports rose to 1.84 million tonnes.
Among the plantations, KL Kepong fell 54 sen to RM21.22, TAHPS 30 sen to RM8.90 and Batu Kawan 22 sen to RM19.54 while PPB Group lost eight sen to RM14.84.
Petronas Gas fell the most, down 60 sen to RM22.22 and Petronas Dagangan was down 48 sen to RM21.22. Tenaga lost six sen to RM12.44.
Among the banks CIMB fell 10 sen to RM7.06 and AmBank nine sen to RM6.91 but Hong Leong Bank gained two sen to RM14.
As for Hong Leong Capital, it was down 24 sen to RM12.50 ahead of a trading suspension by end-August as it does not meet the public shareholding spread, HLFG gave up 20 sen to RM17.44.
MAHB fell 21 sen to RM7.70. Sumatec fell three sen to 47.5 sen and it was the most active with 116.77 million shares done.
ACE Market listed IFCA MSC hit a 52-week high of 33.5 sen, up seven sen while its warrants jumped six sen to 26.5 sen.
SapuraKencana Petroleum added seven sen to RM4.34 on a news report it has made a massive gas discovery in its SK408 production sharing contract (PSC) area.
Among the consumer stocks, BAT rose 38 sen to RM71.54, Carlsberg 10 sen to RM12.30.
Berjaya Group's related stocks were also among the gainers, with Berjaya Food warrants, up eight sen to RM2.38 and Berjaya Auto eight sen to RM2.74.
The ringgit gave up part of its recent gains against the US dollar to 3.1677 from the previous close of 3.1610.
Among the key regional markets, China shares slipped on Monday as investors set aside money for coming initial public offerings (IPOs), while the Hong Kong market also edged lower, Reuters reported.
The Hang Seng Index inched down 0.2% to 25,065.73. The China Enterprises Index of the top Chinese listings in Hong Kong was off 0.1%.
Japan's Nikkei 225 rose 0.51% to 15,618.77;
Hong Kong's Hang Seng Index fell 0.19% to 25,063.80;
Shanghai's Composite Index fell 0.49% to 2,229.86;
Taiwan's Taiex ros e0.03% to 9,382.99;
South Korea's Kospi rose 0.14% to 2,059.66 and
Singapore's Straits Times Index rose 0.41% to 3,339.16.
US light crude oil fell 14 cents to US$93.51 and Brent 15 cents lower at US$102.14.
Spot gold fell US$4.15 to RM1,276.95.
At 12.30pm, the FBM KLCI was down 10.44 points to 1,860.55. Turnover was 1.55 billion shares valued at RM816.33mil. Declining counters beat advancers 559 to 226 while 281 counters were unchanged.
CPO for third month delivery plunged RM42 to RM1,957 per tonne, the lowest since March 2009 due to the confluence of negative factors such as a decline in exports, rising stockpiles in palm oil and soyabean.
Wire reports stated the weak CPO prices were also due to higher output of palm oil from the world's largest producer Indonesia whose exports rose to 1.84 million tonnes.
Among the plantations, KL Kepong fell 54 sen to RM21.22, TAHPS 30 sen to RM8.90 and Batu Kawan 22 sen to RM19.54 while PPB Group lost eight sen to RM14.84.
Petronas Gas fell the most, down 60 sen to RM22.22 and Petronas Dagangan was down 48 sen to RM21.22. Tenaga lost six sen to RM12.44.
Among the banks CIMB fell 10 sen to RM7.06 and AmBank nine sen to RM6.91 but Hong Leong Bank gained two sen to RM14.
As for Hong Leong Capital, it was down 24 sen to RM12.50 ahead of a trading suspension by end-August as it does not meet the public shareholding spread, HLFG gave up 20 sen to RM17.44.
MAHB fell 21 sen to RM7.70. Sumatec fell three sen to 47.5 sen and it was the most active with 116.77 million shares done.
ACE Market listed IFCA MSC hit a 52-week high of 33.5 sen, up seven sen while its warrants jumped six sen to 26.5 sen.
SapuraKencana Petroleum added seven sen to RM4.34 on a news report it has made a massive gas discovery in its SK408 production sharing contract (PSC) area.
Among the consumer stocks, BAT rose 38 sen to RM71.54, Carlsberg 10 sen to RM12.30.
Berjaya Group's related stocks were also among the gainers, with Berjaya Food warrants, up eight sen to RM2.38 and Berjaya Auto eight sen to RM2.74.
The ringgit gave up part of its recent gains against the US dollar to 3.1677 from the previous close of 3.1610.
Among the key regional markets, China shares slipped on Monday as investors set aside money for coming initial public offerings (IPOs), while the Hong Kong market also edged lower, Reuters reported.
The Hang Seng Index inched down 0.2% to 25,065.73. The China Enterprises Index of the top Chinese listings in Hong Kong was off 0.1%.
Japan's Nikkei 225 rose 0.51% to 15,618.77;
Hong Kong's Hang Seng Index fell 0.19% to 25,063.80;
Shanghai's Composite Index fell 0.49% to 2,229.86;
Taiwan's Taiex ros e0.03% to 9,382.99;
South Korea's Kospi rose 0.14% to 2,059.66 and
Singapore's Straits Times Index rose 0.41% to 3,339.16.
US light crude oil fell 14 cents to US$93.51 and Brent 15 cents lower at US$102.14.
Spot gold fell US$4.15 to RM1,276.95.