KUALA LUMPUR: Blue chips were slightly lower at the midday break on April 29, with plantations among the decliners as crude palm oil (CPO) futures fell more than RM40, but key Asian markets fared better.

The market came under some selling pressure, especially plantation stocks in the first half-hour of trade but it was well-absorbed as some buying emerged. This was the settlement day after the heavy volume of two billion units transacted on April 24.

At 12.30pm, the KL Composite Index fell 1.64 points to 964.06. Turnover was 559 million shares valued at RM461 million. There were 212 gainers, 227 losers and 188 counters unchanged.

CPO futures for third-month delivery fell RM42 to RM2,414 while light crude oil fell 42 cents to US$49.50.

Asian markets were higher, led by Hong Kong’s Hang Seng Index which gained 1.76% to 14,811.81, Singapore’s Straits Times Index 1.13% higher at 1,828.90 and Shanghai’s Composite Index added 1.05% to 2,426.55.

Bank Negara is scheduled to announce its monetary rate policy statement at 6pm. Economists are split on whether the overnight policy rate will be reduced following the sharp decline in exports.

BAT was the top decliner, down 25 sen to RM44.50, SAB 18 sen to RM1.38, Ewein 17 sen to 79 sen and EON Cap 12 sen to RM3.40.

Among plantations, Glenealy and Asiatic lost 12 sen each to RM3.30 and RM4.76, KL Kepong and United Plantations 10 sen each to RM11.30 and RM10.50.

KNM was the most active with 45.3 million shares done, rising one sen to 52.5 sen.

Terengganu-based Golden Pharos added one sen to 44.5 sen with 25 million shares done. Ramunia resumed its upward trend, adding 1.5 sen to 61 sen and the warrants 2.5 sen higher tp 36.5 sen.

PIE Industrial jumped 16 sen to RM4.12 on its dividend plan. CFM  gained 19 sen to 50 sen with only 4,000 shares done. UBG added 15 sen to RM2.71, Proton 12 sen to RM2.84 and KPJ nine sen to RM2.95.