KUALA LUMPUR: PLANTATION [] stocks held on to their gains in the late afternoon on Friday, Sept 2, underpinned by the near-term positive outlook for crude palm oil (CPO) prices.
At 3.16pm, the FBM KLCI was up 26.81 points to 1,474.08. Turnover was 565.94 million shares valued at RM1.47 billion. Gainers beat losers 428 to 234 while 238 stocks were unchanged.
Kuala Lumpur Kepong rose 38 sen to RM21.70, PPB 32 sen to RM17.18 and IOI Corp 30 sen to RM4.81 while Sime Darby added 10 sen to RM8.89.
CPO for third month delivery rose RM51 to RM3,049, the highest since Aug 23. The recent low was RM2,895 on Sept 9.
Meanwhile, Malaysia's palm oil exports fell 0.6% in August from July, a news wire report said, quoting independent market surveyor Intertek on Friday.
The report said during August, there were 1.622 million tonnes tracked compared with 1.633 million tonnes in July.
However, UOB Kay Hian Malaysia Research was maintaining is Underweight stance on the plantation sector and keeping its net profit forecasts and 2011-2012 CPO average selling price (ASP) assumptions of RM2,900 a tonne (US$980) and RM2,700 (US$900) respectively.
It said the sector catalyst would be an ufavourable weather which would impact the production of oil crops and palm oil.
However, the risks included a potential new plantation export tax structure in Indonesia that would negatively affect the margin for Malaysia-based refineries while a slowdown in global economy might affect demand for CPO products. Another factor would the weather's impact on global oilseed production.
At 3.16pm, the FBM KLCI was up 26.81 points to 1,474.08. Turnover was 565.94 million shares valued at RM1.47 billion. Gainers beat losers 428 to 234 while 238 stocks were unchanged.
Kuala Lumpur Kepong rose 38 sen to RM21.70, PPB 32 sen to RM17.18 and IOI Corp 30 sen to RM4.81 while Sime Darby added 10 sen to RM8.89.
CPO for third month delivery rose RM51 to RM3,049, the highest since Aug 23. The recent low was RM2,895 on Sept 9.
Meanwhile, Malaysia's palm oil exports fell 0.6% in August from July, a news wire report said, quoting independent market surveyor Intertek on Friday.
The report said during August, there were 1.622 million tonnes tracked compared with 1.633 million tonnes in July.
However, UOB Kay Hian Malaysia Research was maintaining is Underweight stance on the plantation sector and keeping its net profit forecasts and 2011-2012 CPO average selling price (ASP) assumptions of RM2,900 a tonne (US$980) and RM2,700 (US$900) respectively.
It said the sector catalyst would be an ufavourable weather which would impact the production of oil crops and palm oil.
However, the risks included a potential new plantation export tax structure in Indonesia that would negatively affect the margin for Malaysia-based refineries while a slowdown in global economy might affect demand for CPO products. Another factor would the weather's impact on global oilseed production.
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