FGV in focus as KLCI's winning streak continues (5222)

KUALA LUMPUR: Felda Global Ventures was in focus on Wednesday,
closing at its highest since its listing in June, as funds picked up
plantations and Axiata, sending the FBM KLCI to its fresh record close of 1,629.
At
5pm, the KLCI was up 5.16 points or 0.32% to 1,629.45, powered by gains
in Axiata. Turnover was 1.3 billion shares valued at RM2.49bil. Market
sentiment was firm, with 405 advancing stocks against 364 decliners and
340 counters unchanged.
Among the key regional markets, Hong
Kong's Hang Seng Index rose 0.12% to 19,419.87; Shanghai's Composite
Index added 0.51% to 2,175.38; Taiwan's Taiex 0.09% higher at 7,257.91
and Singapore's Straits Times Index edged up 0.83% to 2,989.31.
However, Japan's Nikkei 225 fell 0.08% to 8,851 and South Korea's Kospi shed 0.17% to 1,826.39.
US light crude oil rose 96 cents to US$84.87 and Brent 92 cents higher to US$98.89. Spot gold jumped US$9.35 to US$1,576.50.
The ringgit was quoted at 3,1785 to the US dollar.
Crude palm oil for third-month futures fell RM34 to RM3,096.
However, CIMB Equities Research
was keeping to its Trading Buy call on regional planters, as fears of a
potential supply disruption could spark a near-term CPO price rally.
"A
potential combination of drought in the US Midwest and developing El
Nino could affect up to 36% of global edible oil supplies and tighten
inventory. Our top picks continue to be Astra Agro, Indo Agri and Sime," it said in a research note.
FGV
was the second most active counter with 83.48 million shares done,
adding eight sen to RM5.50. It was listed on June 28 with a retail
price of RM4.45 and institutional price of RM4.55.
Kulim rose 28 sen to RM5.31, TDM
24 sen to RM4.75, Innoprise 19 sen higher to RM1.84 while MHC, KLK and
BLD Plantations rose 18 sen each to RM2.06, RM24.30 and RM8.78.
However, profit taking saw PPB falling 20 sen to RM15.80 and Chintek down 13 sen to RM8.92.
Adventa
jumped 27 sen to RM1.88 after the company received the takeover offer
from its major shareholder and Mulberry Asia Fund II L.P. at RM2.10 per
share.
Axiata rose 19 sen to RM5.76, pushing up the KLCI up by
3.77 points. It was the third most active with 46.37 million shares
done.
SAM Engineering and Pharmaniaga fell 18 sen each to RM3.02 and RM10.18 while MBMR-WA lost 12 sen to RM1, IJM-WC 11 sen lower at RM1.48 and AirAsia eight sen to RM3.72.