Thursday, May 19, 2011

KL Kepong at 3-month high, CPO price up

KUALA LUMPUR: Shares of KUALA LUMPUR KEPONG BHD [] rose to the highest in three months to RM21.94 in afternoon trade on Thursday, May 19 on a higher target price and also recovery in crude palm oil (CPO) futures prices.

At 3.27pm, KLK was up 44 sen to RM21.94 with 593,400 shares done.

The FBM KLCI rose 4.78 points to 1,546.05. Turnover was 576.58 million shares valued at RM824.30 million. There were 306 gainers, 366 losers and 302 stocks unchanged.

UBS Malaysia Research has a target price of RM24 for KLK, an upside of 11.6% from Wednesday's closing price of RM21.50.

CPO for third month delivery rose RM35 to RM3,332 per tonne.

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