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THE UEM Group made a strong return to the KLSE yesterday, with its flagship - UEM World Bhd - traded at a 66-sen or 41% premium over its swap price of RM1.60 minutes after it was quoted.
The Malaysia Derivatives Exchange (MDEX) crude palm oil (CPO) futures prices attempted an early rally last week, but the move failed as weakness in the Chicago Board of Trade soyoil futures prices and expectation of lower Malaysian palm oil exports this month dampened sentiment and triggered a strong sell-off that pressured the market to its lowest level in three weeks.
Oil and gas counters lost steam yesterday after their recent sharp gains as investors locked-in profit following lack of strong buying interest from major players.
THE current rally on the KLSE has to be sustained before investors can hope for further strong upside following one of the best one-day market performances this year yesterday, analysts said.
Forecasting Price Trends: A weekly column by G.M. Teoh on Crude Palm Oil, Soyoil, Cocoa and Cash Tin
MDEX Interest Rate Futures: A weekly column by G.M. Teoh.
Forecasting Price Trends: A weekly column by G.M. Teoh on Crude Palm Oil, Soyoil, Cocoa and Cash Tin.
THE surge in oil and gas stocks on the KLSE appears to be losing steam - at least temporarily - as most of these counters closed substantially lower yesterday. And this dampened overall sentiment in the market, dragging the KLSE benchmark Composite Index (CI) six points lower to 736.