MARKET DEVELOPMENT
Crude Palm Oil Jumps, Outshines Equities on First Trading Day of 2017
Crude Palm Oil Jumps, Outshines Equities on First Trading Day of 2017
04/01/2017 (The Star) - Crude palm oil (CPO) for third-month delivery jumped on Tuesday, the first trading day of 2017, outshining the cautious equities market and the weaker ringgit.
At 12.30pm, the KLCI was down 9.76 points to 1,631.97. Turnover was 788.49 million shares valued at RM339.58mil. There were 300 gainers, 316 losers and 314 counters unchanged.
CPO jumped RM59 to RM3,168 per tonne, which Bloomberg attributed was due to the weak ringgit while output was expected to be impacted by the current heavy rains.
Prices supported by weak ringgit and concerns over flooding due to heavy rain in the east cost of Peninsular Malaysia, according to Chandran Sinnasamy, head of dealing at LT International Futures in Kuala Lumpur, the wire report said.
The ringgit weakened against the US to fresh 1998 lows of 4.4930 from 4.4862. It slipped against the Singapore dollar to 3.1038 from 3.0957 and was at 4.7107 to the Euro from 4.7060. However, it perked up against the pound sterling to 5.5291 from 5.5335.
China stocks started the first trading day of 2017 on a solid footing, as concerns of a liquidity crunch faded and data showed more signs of the economy stabilising, Reuters reported.
Hong Kong shares also gained, reversing initial losses, with support from the mainland outweighing the bearish influence from a stronger US currency.
At Bursa Malaysia, Maybak fell 20 sen to RM8 and erased 3.32 points from the KLCI, Hong Leong Bank was down 16 sen to RM13.34, Public Bank was flat at RM19.72 and CIMB edged up one sen to RM4.52.
Tenaga fell 14 sen to RM13.76 and wiped out 1.29 points from the KLCI while Genting Bhd lost nine sen to RM7.91 and MISC gave up five sen to RM7.30.
Axiata fell 19 sen to RM4.53 and erased 2.77 points from the KLCI, Telekom shed one sen to RM5.94, Maxis was flat at RM5.98 but Digi rose three sen to RM4.86.
Consumer stocks fell in thin trade with Dutch Lady down RM1.04 to RM54.52, BAT 60 sen to RM44 and F&N 18 sen lower at RM23.30.
As for plantations, heavyweight Sime Darby added four sen to RM8.14, IOI Corp and PPB Group were flat at RM4.40 and RM15.86 while KL Kepong fell 10 sen to RM23.90.
Success Transformer was among the top gainers, up 18 sen to RM2.20, GeShen 10 sen to RM1.64 and OFI nine sen to RM1.46.
US light crude oil rose 31 cents to US$54.03 and Brent added 34 cents to US$57.16. PetDag was untraded at RM23.80, Petronas Chemicals added one sen to RM6.99 and Petronas Gas flat at RM21.30.
Spot gold advanced US$9.83 to US$1,157.33 per troy ounce.
At 12.30pm, the KLCI was down 9.76 points to 1,631.97. Turnover was 788.49 million shares valued at RM339.58mil. There were 300 gainers, 316 losers and 314 counters unchanged.
CPO jumped RM59 to RM3,168 per tonne, which Bloomberg attributed was due to the weak ringgit while output was expected to be impacted by the current heavy rains.
Prices supported by weak ringgit and concerns over flooding due to heavy rain in the east cost of Peninsular Malaysia, according to Chandran Sinnasamy, head of dealing at LT International Futures in Kuala Lumpur, the wire report said.
The ringgit weakened against the US to fresh 1998 lows of 4.4930 from 4.4862. It slipped against the Singapore dollar to 3.1038 from 3.0957 and was at 4.7107 to the Euro from 4.7060. However, it perked up against the pound sterling to 5.5291 from 5.5335.
China stocks started the first trading day of 2017 on a solid footing, as concerns of a liquidity crunch faded and data showed more signs of the economy stabilising, Reuters reported.
Hong Kong shares also gained, reversing initial losses, with support from the mainland outweighing the bearish influence from a stronger US currency.
At Bursa Malaysia, Maybak fell 20 sen to RM8 and erased 3.32 points from the KLCI, Hong Leong Bank was down 16 sen to RM13.34, Public Bank was flat at RM19.72 and CIMB edged up one sen to RM4.52.
Tenaga fell 14 sen to RM13.76 and wiped out 1.29 points from the KLCI while Genting Bhd lost nine sen to RM7.91 and MISC gave up five sen to RM7.30.
Axiata fell 19 sen to RM4.53 and erased 2.77 points from the KLCI, Telekom shed one sen to RM5.94, Maxis was flat at RM5.98 but Digi rose three sen to RM4.86.
Consumer stocks fell in thin trade with Dutch Lady down RM1.04 to RM54.52, BAT 60 sen to RM44 and F&N 18 sen lower at RM23.30.
As for plantations, heavyweight Sime Darby added four sen to RM8.14, IOI Corp and PPB Group were flat at RM4.40 and RM15.86 while KL Kepong fell 10 sen to RM23.90.
Success Transformer was among the top gainers, up 18 sen to RM2.20, GeShen 10 sen to RM1.64 and OFI nine sen to RM1.46.
US light crude oil rose 31 cents to US$54.03 and Brent added 34 cents to US$57.16. PetDag was untraded at RM23.80, Petronas Chemicals added one sen to RM6.99 and Petronas Gas flat at RM21.30.
Spot gold advanced US$9.83 to US$1,157.33 per troy ounce.