Euro Holdings tumbles, plantations slip as CPO futures fall


KUALA LUMPUR: Furniture maker Euro Holdings tumbled for the third time this week while the fall in the crude palm oil (CPO) futures dragged plantation stocks into the red in early Friday trade.

At 9.16am, the FBM KLCI fell 2.63 points or 0.17% to 1, 568.23. Turnover was 570.89 million shares valued at RM278.34mil. Decliners led advancers 246 to 171 and 342 counters unchanged.

Bloomberg reported Asian stocks opened on a mixed footing Friday after U.S. technology shares rallied and Treasuries advanced, with investors unwinding some of this year’s dominant reflation trades. The dollar pared gains and commodities steadied after overnight losses.

Equities opened in the green in South Korea and Australia, while Japanese shares slipped. US futures were little changed after a fresh bout of rotation from cyclical stocks pushed the tech-heavy Nasdaq gauge to another record. The benchmark S&P 500 ended the U.S. session flat.

Oil held near US$71 a barrel after the biggest drop in four weeks as traders weighed prospects for rising demand against a stronger dollar.

At Bursa on Thursday, foreign funds were net sellers RM164.8mil but local retail investors remained net buyers at RM87.4mil and local institutions at RM77.3mil.

Euro Holdings fell 26 sen to 95 sen with 96 million shares done on heavy selling pressure due to margin calls following the collapse in its share price.

On Thursday, the CPO futures contract for July 2021 decreased RM16 to RM3, 566 per tonne, August 2021 fell RM29 to RM3, 464 per tonne, September 2021 shrank RM34 to RM3, 404 per tonne, and October 2021 eased RM46 to RM3, 387 per tonne.

Among the plantation stocks, KL Kepong lost 12 sen to RM20.78, Sarawak Oil Palms (SOP) 11 sen to RM3.52, United Plantations 10 sen lower to RM13.60 but PPB gained 10 sen to RM18.52.

Mcom lost 18.5 sen to 10 sen, Trans Ocean four sen to RM4.49 and MAHB four sen to RM6.28.

Vitrox added 26 sen to RM15.10 and MPI 26 also RM40.40, riding on the firmer sentiment for tech and semicon stocks.

PasukGB jumped 12 sen to 23 sen and KSCC 14 sen to RM1.04.

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