Bursa Malaysia higher in early Monday trade, FGV in focus

FGV has referred the cases of suspended group president Datuk Zakaria Arshad and group chief financial officer Ahmad Tifli Mohd Talha to a domestic inquiry panel.

KUALA LUMPUR:  Felda Global ventures (FGV) attracted positive attention early Monday following the latest development in the plantation giant while blue chips held steady as crude oil prices climbed.

At 9.12am, the FBM KLCI was up 1.41 points or 0.08% to 1,781.31. Turnover was 235.21 million shares valued at RM84.66mil. There were 216 gainers, 107 losers and 217 counters unchanged.

Kenanga Investment Bank Research said the local market is likely to remain choppy, at least for the near term, mainly due to the on-going geopolitical tension between US and North Korea coupled with the recently concluded disappointing 2QCY17 reporting season.

“Having said that, we have seen tentative signs of a turnaround, hence, we believe investors should capitalise on any weaknesses to position for the next two seasonally strong quarters. 

“Technically, immediate resistance levels are 1,783/89 while support levels are capped at 1,770/60,” Kenanga Research said.

Meanwhile, oil prices edged up on Monday after the Saudi oil minister discussed the possible extension of a pact to cut global oil supplies beyond March 2018 with his Venezuelan and Kazakh counterparts, Reuters reported.

US crude for October delivery was up 29 cents at US$47.77 while London Brent crude for November delivery was up 23 cents at US$54.01.

At Bursa, FGV rose eight sen to RM1.72 with 5.20 million shares done. StarBiz reported Monday group president and CEO Datuk Zakaria Arshad will likely return this week to helm the plantation group after his suspension some three months ago.

Telekom Malaysia rose seven sen to RM6.47 in thin trade but enough to push the KLCI slightly higher.

Kawan Food rose 15 sen to RM3.60, Pentamaster 13 sen to RM4.84 and Tan Chong gained 10 sen to RM1.79.

Petron and Hengyuan rose 10 sen each to RM9.50 and RM7.84 while Lotte  Chemical Titan added seven sen to RM5.58.

Sino Hua-an was the most active, up one sen to 24.5 sen, extending from last week’s rally.

Genting Plantations fell 20 sen to  RM10.46, Petronas Gas lost  18 sen to RM18, Ajinomoto 18 sen lower at RM18.98.

Hartalega and PPB Group fell 12 sen each to RM6.78 and RM16.70. Cement player Lafarge lost  10  sen RM5.85 and CMSB eight sen lower at RM4.02.  Yinson and UMW fell seven sen each to RM3.58 and RM5.38.