Thursday 28 Mar 2024
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KUALA LUMPUR: Plantation stocks nudged the 100-stock KL Composite Index higher at midday on April 23 on firm crude palm oil prices (CPO) while the Lion-related counters saw very active trade.

At 12.30pm, the KLCI was up 0.26% or 2.54 pointsto 971.12. Turnover was 542.3 million shares valued at RM446 million. There were 326 gainers, 163 losers and 208 counters unchanged.

Among Asian markets, the Nikkei 225 rose 0.42% to 8,764.2, Singapore Straits Times Index added 0.1% to 1,844.61 and the Hang Seng Index inched up 0.9% to 15,012.21. Shanghai’s Composite Index fell 1% to 2,436.68.

CPO eased RM2 to RM2,473 while light crude oil shed 32 cents to US$48.53.

News reports said Russia may halve its imports of palm oil to 420,000 tonnes this year after it doubles the import tariff for tropical oils to 10% from June 1 to protect domestic producers.

CIMB Research said this event would be positive for CPO price in the short term as importers in Russia may accelerate their purchases of tropical oils ahead of the June 1 imposition.

“This may boost short-term demand for palm oil and aggravate the current tight supply of palm oil in the key producing countries. But Russia’s demand for palm oil may drop in 2H09 after the higher import duties take effect,” it said.

Kulim rose 25 sen to RM5.55, KL Kepong added 20 sen to RM11.40, Kulim-WB 15 sen to RM2.99 while BLD Plantations rose 12 sen to RM3, Batu kawan 10 sen to RM8.20.

Lion related counters rose in active trade, with Lion Industries, Lion Diversified and Lion Corp higher at the midday break. Lion Industries rose 10 sen to 98.5 sen and it was the most active with 28.7 million shares. Lion Div rose 2.5 sen to 45.5 sen and Lion Corp 3.5 sen to 30 sen.

Opcom rose nine sen to 54 sen after it secured a RM359 million job from Telekom Malaysia. Binaik added 12.5 sen to 73.5 sen  after the board accepted the 75 sen per share selective capital repayment.

Several information and communications technology (ICT) stocks rose, spurred by the government’s move to liberalise the industry by removing the 30% bumiputra equity quota. Patimas rose 0.5 sen to 7.5 sen and Dataprep rose 3.5 sen to 27.5 sen.

The decliners were Fibon, which tumbles 28.5 sen to 56 sen, BAT 25 sen lower to RM44.75, Lebar Daun 19 sen to RM1.10 and DiGi 10 sen to RM22.
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