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KLCI tumbles 2.63%, falls below 1,700-level

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KUALA LUMPUR (Oct 11): The FBM KLCI tumbled 2.63% in early trade this morning and slipped below the crucial 1,700-point threshold , tracking widespread losses at most regional markets. At 9.05am, the FBM KLCI lost 44.51 points to 1,690.67. The top losers included Nestle (M) Bhd, Kuala Lumpur Kepong Bhd, British American Tobacco (M) Bhd, Panasonic Manufacturing Malaysia Bhd, United Plantations Bhd, Petron Malaysia Refining & Marketing Bhd, Tenaga Nasional Bhd, Hong Leong Bank Bhd, Malaysian Pacific Industries Bhd and Dutch Milk Industries Bhd. Asian share markets sank on ThursdayRead More


Construction stocks hit, Gamuda falls the most

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KUALA LUMPUR: Construction stocks took a hit on Monday with Gamuda taking the brunt of the selling pressure as the government revised the Mass Rapid Transit (MRT) 2 project. At 5pm, the KLCI was down 1.4 points or 0.08% to 1,775.75. Turnover was 2.37 billion shares valued at RM1.82bil. Decliners beat advancers nearly four to one with 745 losers to 195 gainers and 323 counters unchanged. Adding to the doom and gloom was the selloff of the China markets, which resumed trading after a week-long break. Shanghai’s main index resumedRead More


Six OCBC branches in the Klang Valley to open on Saturdays

KUCHING: B eginning today, selected OCBC Bank (Malaysia) Berhad (OCBC Bank) and OCBC Al-Amin Bank Berhad (OCBC Al-Amin) branches in the Klang Valley will open every Saturday from 10am to 2.30pm for all banking services except cheque clearance and remittances. The six participating branches for the Saturday at OCBC initiative – OCBC Bank in Kepong, […]


Wall Street worries weigh on KLCI, broader market cautious

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KUALA LUMPUR:  The overnight decline on Wall Street pushed the FBM KLCI deeper into the red early Friday with the broader market turning more cautious but the firmer crude oil prices could support oil and gas stocks. At 9.10am, the FBM KLCI was down 8.42 points or 0.47% to 1,781.69. Turnover was 146.23 million valued at RM68.61mil. Decliners beat advancers 258 to 70 while 162 counters were unchanged. Kenanga Research said chart-wise, the KLCI had broken below the 50-day SMA on Thursday which “we believe there might be more short-termRead More


KLCI down 0.36% on sustained weaker sentiment

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KUALA LUMPUR (Oct 4): The FBM KLCI retreated at mid-morning today on sustained weaker sentiment at the domestic market. At 10am, the FBM KLCI fell 0.36% or 6.53 points to 1,789.77. The index had earlier risen to a high of 1,798.24. Losers led gainers by 317 to 203, while 282 counters traded unchanged. Volume was 557.99 million shares valued at RM335.53 million. The losers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Dutch Lady Milk Industries Bhd, Carlsberg Brewery Malaysia Bhd, Malaysia Airports Holdings Bhd, Kuala Lumpur Kepong Bhd,Read More


Indonesia’s palm oil move will hit new players

PETALING JAYA: Plantation players who are relatively new in the Indonesian market or those with significant plantable landbank in the country are likely to be impacted negatively by the moratorium on new palm oil development, according to PublicInvest Research.

Indonesia, the world’s largest palm oil producer announced on Friday that it has signed a three-year moratorium on new palm oil plantation development and will review existing plantation permits. The order is aimed at improving the sustainability of palm oil plantations.

The temporary ban is likely to improve productivity of small owners and also help clarify land ownership.

The research house is of the view that given Indonesia’s self-commitment towards the policy, there could be tighter implementation in terms of reviews of plantation permits such as Izin Lokasi (Location Permit), Izin Usaha Perkebunan (Plantation Permit), Hak Guna Usaha (Development rights) across all provinces.

To recap, Indonesia and Norway had inked an US$1billion (RM4.13 billion) agreement for a moratorium on new permits to clear primary forest in a bid to reduce greenhouse gas emissions from deforestation, forest degradation and the destruction of peat – in 2010.

However, studies show that Indonesia failed to reduce its emission from deforestation and forest degradation while more than 9.9 million ha was converted into plantation area overs 2010-2015.

Going forward, moratorium is expected to slow down the production growth of fresh fruit bunch, which in turn will support palm oil prices and ease concerns on oversupply.

The move is also expected bring down the growth of average crude palm oil from 2020 onwards, which was initially projected to grow at 3%.

Indonesia, which accounts for 51.7% of global palm oil production, is expected to see a year-on-year increase of 5.5% to 38.5 million tonnes this year.

Ta Ann Holdings Bhd is the only Malaysian company unlikely to be affected by the policy as it has no exposure in Indonesia.

TSH Resources Bhd, which has close to 90% of its plantation landbank in Indonesia, has already slowed down new plantings (less than 500ha per acre) a few years ago.

Public Invest said yesterday that stocks under its coverage will not be significantly impacted as majority of them have almost fully planted their landbank in Indonesia.

Among the stocks covered by PublicInvest – IOI Corp, Kuala Lumpur Kepong, Sime Darby Plantations were rated as “neutral” while Genting Plantations and Ta Ann received “overweight” ratings.

The Plantation Index of Bursa Malaysia was down 26.77 points or 0.35% to 7,525.42 points.

Pinehill Pacific Bhd, which said it was selling its palm oil estate in Perak for RM413.75 million last week, jumped 22.7% yesterday closing at 54 sen. United Plantation Bhd was the second biggest loser for the day losing 30 sen of its share price to close at RM26.82 a piece.

KLK’s share price shed 0.1% to RM25, with 137,500 shares traded. Ta Ann lost one sen to RM2.73 with 2,600 shares traded.


New Indonesian rules to have minimal impact

KUCHING: Indonesia’s move to stop issuing planting permits for three years is not expected to impact Malaysian-listed planters with operations in Indonesia as most of these companies have already cut down on new plantings of palm oil in compliance with terms under the Roundtable on Sustainable Palm Oil (RSPO). The Indonesian government on Thusday issued […]


KLCI remains firmly above 1,800-level

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KUALA LUMPUR (Sept 21): The FBM KLCI remained firmly above the 1,800-point level at mid-morning and was up 0.37%, tracking the gains at regional markets. At 10am, the FBM KLCI was up 6.70 points to 1,810.40. Gainers led losers by 299 to 189, while 289 counters traded unchanged. Volume was 424.35 million shares valued at RM302.52 million. The gainers included Hong Leong Industries Bhd, British American Tobacco (M) Bhd, Aeon Credit Service (M) Bhd, Petronas Dagnagn Bhd, Kuala Lumpur Kepong Bhd, Carlsberg Brewery Malaysia Bhd, Chemical Company of Malaysia Bhd,Read More


KLCI reverses gains, slips below 1,800-level

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KUALA LUMPUR (Sept 12): The FBM KLCI reversed much of its gains at mid-morning today and slipped below the 1,800-level, in line with wobbly regional markets. At 10.05am, the FBM KLCI fell 7.58 points to 1,791.59. The index had earlier risen to a high of 1,822.68. Losers outpaced gainers by 543 to 135, while 239 counters traded unchanged. Volume was 621.61 million RM668.74 million. The losers included Ajinomoto (M) Bhd, Petronas Dagangan Bhd, Panasonic Manufacturing Malaysia Bhd, Top Glove Corp Bhd, Heineken Malaysia Bhd, Kuala Lumpur Kepong Bhd, Nestle (M)Read More


Market at crucial short-term bullish trend support level

The FBM KLCI snapped a two-week gain and pulled back as expected after climbing to a three-month high two weeks ago. Market sentiment was a little weak on weaker than expected corporate results and weakening ringgit. The FBM KLCI fell 1.1 per cent in a week to 1,8,99.17 points last Friday. The decline was in […]