Market Close KLCI extends gains, plantation shares fall
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Market Close KLCI extends gains, plantation shares fall
Market Close KLCI extends gains, plantation shares fall |
Business & Markets 2014 |
Written by Jeffrey Tan of theedgemalaysia.com |
Thursday, 14 August 2014 17:31 KUALA LUMPUR (Aug 14): The FBM KLCI extended gains, closing 3.54 points or 0.2% higher at 1,861.58 points. The KLCI's rise came on gains in stocks including Hong Leong Financial Group Bhd besides Petroliam Nasional Bhd (Petronas)-linked counters like Petronas Dagangan Bhd and Petronas Gas Bhd. Yesterday, the KLCI rose 7.65 points or 0.41%. Today, JF Apex Securities senior research analyst Lee Cherng Wee told theedgemalaysia.com: “While the market technically is still in positive zone, we feel the market is in consolidation.” Lee expects the KLCI to trade between 1,840 and 1,860 points, barring any catalysts that might lift the bourse higher. Meanwhile, Kenanga Investment Bank Bhd wrote in a note today that it was doubtful of the KLCI’s sustainability as key indicators suggested that the index was still in consolidation mode. “Strong resistance is capped at 1,860-level,” Kenanga said. Across Bursa Malaysia, 3.9 billion shares worth RM2.6 billion were traded. Market gainers trailed decliners by 423 versus 431, while 319 counters were unchanged. The top gainer was Petronas Dagangan while the leading decliner was Allianz Malaysia Bhd. The most-active counter was PDZ Holdings Bhd. Plantations stocks like Kuala Lumpur Kepong Bhd and PPB Group Bhd were also among leading decliners. This was in anticipation that a larger supply of rival crop soybean in the US, and a firmer ringgit versus the US dollar would hurt palm oil prices. Reuters reported that Malaysian palm oil futures slid to touch a near five-year low on Thursday, following losses in overseas soy markets, and further dragged by forecasts of abundant supply of competing oilseeds alongside an expected surge in Southeast Asian palm output. The benchmark October contract on the Bursa Malaysia Derivatives Exchange fell to 2,133 ringgit in early trade, its lowest since Oct. 29, 2013, before settling 1.5 percent down at 2,143 ringgit ($674) per tonne by the midday break. Across Asia stock markets, Japan’s Nikkei 225 closed 0.66% higher while South Korea’s Kospi rose 0.04%. However, the Shanghai Composite ended 0.74% lower, while Hong Kong’s Hang Seng fell 0.36%. |
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