Plantations weigh on KLCI as CPO sheds gains

  • Markets
  • Wednesday, 18 Sep 2019

KUALA LUMPUR: Plantations weighed on the FBM KLCI at the midday break on Wednesday as crude palm oil (CPO) futures shed their gains while oil and gas heavyweights slipped as prices fell.

At 12.30pm, the KLCI had fallen 7.84 points or 0.49% to 1,596.46. Turnover was 1.09 billion shares valued at RM621.28mil. Decliners beat advancers 421 to 261 while 353 counters were unchanged.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.13% while Japan's Nikkei fell 0.09% and Singapore's STI lost 0.37%. The Shanghai Composite Index rose 0.39% and Hang Seng Index edged up 0.03% while South Korea's Kospi gained 0.5%.

CPO for third month delivery fell RM23 to RM2,262 per tonnne. Fitch Solutions Research retained its forecast for CPO to average RM2,150 per tonne this year while picking up slightly to RM2,300 next year on strong China and India import demand.

KL Kepong lost 26 sen to RM23.32 and PPB Group fell 24 sen to RM18.28 and erasing nearly one point from the KLCI. Sime Plantation lost seven sen to RM4.81 and erased 0.74 of a point. IOI Corp was uchanged at RM4.42. Genting Plantation fell 16 sen to RM10.06.

Oil prices cooled as Saudi Arabia said full oil production would be restored by month's end while caution ahead of an expected US interest rate cut kept wider financial markets in tight ranges.

US light crude oil fell 39 cents to US$58.95 while Brent lost 17 cents to US$64.38.

Petronas Chemicals fell nine sen to RMRM7.68 and erased 1.11 points but Petronas Dagangan and Petronas Gas rose two sen each to RM23.44 and RM16.44. Dialog was flat at RM3.50.

KNM rose two sen to 40 sen with 60.42 million shares done after bagging a RM53.27mil contract in Thailand.

Among the banks, RHB Bank gained six sen to RM5.61, Maybank rose two sen to RM8.67, CIMB was unchanged at RM5, Hong Leong Bank and Public Bank shed two sen each to RM16.42 and RM20.14.

Consumer stocks were among the top losers with Dutch Lady down RM1.28 to RM57.52, Heineken 26 sen to RM24.14 and F&N 10 sen lower at RM35.70. However, Carlsberg rose 22 sen to RM25.28.

Opcom gained seven sen to 70 sen with 26.87 million shares done.

MAHB added 23 sen to RM8.74 as its dividend went ex. Genting and GentingM fell three sen each to RM5.81 and RM3.11.

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