KLCI slips as plantation stocks fall

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KUALA LUMPUR (Sept 05): The FBM KLCI slipped 0.04% as plantations stocks led Bursa Malaysia's decliners list.

At 5pm, the KLCI fell 0.75 point to settle at 1,868.46 on losses in stocks like Kuala Lumpur Kepong Bhd (KLK) and PPB Group Bhd.

KLK and PPB, both of which have significant oil palm plantations in Indonesia, were leading decliners across Bursa Malaysia today.

Yesterday, Plantation Industries and Commodities Minister Datuk Seri Douglas Uggah Embas said Malaysia, the world’s second-largest palm oil producer, would exempt crude palm oil (CPO) from export taxes for September and October to help cope with rising inventory and falling prices.

The move will make Malaysian CPO more competitive globally compared to Indonesian CPO, which is slapped with an export tax of 9%.

Today, Bursa Malaysia saw gainers outpacing decliners at 506 versus 304 with 334 counters unchanged.

Sam Ng, senior remisier with Inter-Pacific Securities told theedgemalaysia.com that on an overall basis, the KLCI performed positively today.

From a trading perspective, Ng said majority of active counters such as PDZ and Sumatec had rebounded.

“All the long position and short position stockists are still in the market,” Ng said.