Friday, February 11, 2011

Selling pressure resumes, KLCI fall more than 10pts, weighed by plantations

KUALA LUMPUR: Selling pressure picked up pace in the afternoon session on Friday, Feb 11, with PLANTATION []s under profit taking while the FBM KLCI fell more than 10 points.

At 3.07pm, the FBM KLCI fell 10.07 points to 1,493.92. Turnover was 1.1 billion shares valued at RM1.47 billion. Declining stocks hammered advancers 721 to 118 while 208 stocks were unchanged.

PPB fell the most, down 58 sen to RM16.10 with 764,000 shares done. KL Kepong, which reported a decline in its CPO and fresh fruit bunches in January, came under more selling, sliding 50 sen to RM21.58. United Plantations and Batu Kawan lost 26 sen each to RM16.44 and RM16.52.

CIMB Equities Research is downgrading the regional plantation sector from Trading Buy to Neutral.

The research house said on Friday, Feb 11 the downgrade was because most of the planters have outperformed the market since its sector upgrade; spot CPO price has done better than expected, is close to its peak and should head south in the second half.

Other decliners were Nestle, down 54 sen to RM45.36, Sycal-WA 30 sen to 9.5 sen, Tradewinds and RHB Cap 24 sen each to RM7.51 and RM8.03.

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