Published: Wednesday March 10, 2010 MYT 1:34:00 PM
Updated: Wednesday March 10, 2010 MYT 2:28:37 PM
Plantations stocks prop up FBM KLCI
KUALA LUMPUR: Plantations counters helped lift the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) to a fresh two-year high.
At 12.30 pm, there were 364 gainers, 234 losers and 278 counters traded unchanged on the Bursa Malaysia.
The FBM-KLCI was at 1,326.51 up 8.57 points. Turnover was at 520.2 million shares valued at RM765.4mil.
On Monday, the FBM KLCI reached a high of 1,324.22 points after it gained 24.44 points.
Plantation stocks dominated Bursa Malaysia gainers’ list as palm oil prices gained.
Kuala Lumpur Kepong Bhd jumped 38 sen, or 2.28% to RM17.02. PPB Group Bhd added 32 sen to RM17.02 while Batu Kawan Bhd ended 28 sen higher to RM10.56.
Sime Darby Bhd rose 12 sen to RM8.81 and IOI Corp added 12 sen to RM5.58.
Among heavyweights, Maybank rose 8 sen to RM7.49, CIMB Group added 10 sen to RM14.24 and Tenaga Nasional Bhd added 2 sen to RM7.96.
KNM Group, which was one of the most active counter, fell half sen to 78.5 sen on a volume of 19.6 million shares.
HwangDBS Vickers Research said although profit-taking activity may continue on the local bourse as the key FBM KLCI has already climbed 84.1 points, or 6.8% in one month, it expected to see a broadly resilient performance ahead.
“From a technical perspective, the benchmark index will probably remain above the resistance-turned-support level of 1,305 in the near term,” it said.
The research house said plantation shares could be in the limelight after industry experts forecast that crude palm oil price would trend higher at the 3-day Palm and Lauric Oils conference, which would end today.
Elsewhere in the region, Hong Kong’s Hang Seng Index added 0.15% to 21,239.64, Singapore’s Straits Times Index added 0.77% to 2,861.33.
However, Japan’s Nikkei 225 fell 0.14% to 10,552.62 and Shanghai’s Composite Index fell 0.54% to 3,052.54.
KLK : [Stock Watch] [News]
PPB : [Stock Watch] [News]
BKAWAN : [Stock Watch] [News]
SIME : [Stock Watch] [News]
IOICORP : [Stock Watch] [News]
MAYBANK : [Stock Watch] [News]
CIMB : [Stock Watch] [News]
TENAGA : [Stock Watch] [News]
KNM : [Stock Watch] [News]
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