Thursday 28 Mar 2024
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KUALA LUMPUR: Plantations help fuelled the KL Composite Index’s upward momentum at the end of the morning session on May 11, riding on the surge on crude palm oil (CPO) futures.

At midday, the KLCI was up 3.62 points to 1,030.4. Turnover was 2.07 billion units valued at RM1.18 billion. Advancing counters beat decliners 517 to 200 while 201 stocks were unchanged.

CPO rose to the highest since August where third-month delivery rose RM57 to RM2,682. Light crude oil fell 62 cents to US$58.01. Gold slipped 81 cents to US$915.84 per ounce.

However, analysts said palm oil may be poised to end its fastest rally in almost seven years and drop 25% as the world’s biggest growers reap record harvests.

Key Asian markets were mixed, with the Nikkei 225 down 0.27% to 9,407.33, Singapore’s Straits Times Index fell 0.6% to 2,225.63 but Hong Kong’s Hang Seng Index rose 1.7% to 17,679.07.

At Bursa Malaysia, Kwantas was the top gainer, rising 31 sen to RM2.25, Kulim-WB and KLK 20 sen each to RM3.50 and RM11.20. LPI added 20 sen to RM10.40, PPB 20 sen to RM10.80 and BCHB 15 sen to RM8.95.

Petra Perdana added 19 sen to RM2.56 while Petra Energy rose 27 sen to RM1.99.

Petra Perdana had on May 7 signed an agreement to sell its workboat for US$5.25 million. It would realise gain of about US$1.4 million.

The high oil price had seen investors focusing on oil and gas companies and related support services.KNM, which had been  very active in recent weeks, rose seven sen to 80 sen with 132 million shares done.

BAT was the top loser, down 75 sen to RM42.25, Nestle and JMI 25 sen each to RM28.75  and 21 sen while Dutch Lady shed 20 sen to RM10.10 and MISC 15 sen lower at RM8.45.

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