KUALA LUMPUR:  Plantations continued to lead blue chips higher in early trade on May 21 on fund buying, buoyed by the firm crude palm oil (CPO) futures prices.

At 9.22am, the KL Composite Index was up 4.52 points to 1,047.15. Turnover was 130.8 million shares valued at RM119 million.

KL Kepong rose 40 sen to RM12.40, United Plantations and Boustead added 20 sen each to RM11.60 and RM3.94, Kulim and Far East 15 sen higher to RM6.30 and RM5.95. Kulim-WB and IOI Corp rose 14 sen each to RM3.70 and RM4.78.

OSK Investment Research said in its morning report that the bulls had resumed their charge with greater strength since May 19 after catching its breath for a week.

“This time, thanks to the leadership provided by the plantation stocks, the KLCI successfully cracked above the previous high yesterday but with a slight margin.

“Nevertheless, we believe the key index will be able to continue to add points from the current level, although there is the possibility of a short consolidation after yesterday’s massive 19.14-point gain,” it said.

OSK Research said while the broader market was not as bullish as shown by the KLCI, but it believed it’s a matter of time before it would see the spillover effects.