Plantations top losers though CPO holds steady

TheStar Fri, Oct 16, 2020 03:30pm - 4 months ago


Crude palm oil for third month delivery rose RM19 to RM2,885 per tonne.

KUALA LUMPUR: Plantations fell in Friday afternoon trade, with PPB Group, KL Kepong and IOI Corp among the top losers though crude palm oil (CPO) for third month delivery held steady.

At 3.20pm, the FBM KLCI was down 3.16 points or 0.21% to 1,510.79. Turnover was 5.94 billion shares valued at RM3.43bil. There were 542 gainers, 472 losers and 407 counters unchanged.

Crude palm oil for third month delivery rose RM19 to RM2,885 per tonne.

PPB Group fell the most, down 42 sen to RM19.08, United Plantations 22 sen to RM14.50, KL Kepong 22 sen also to RM21.68, NSOP 16 sen to RM2.74 and IOI Corp 11 sen to RM4.21.

Bloomberg reported that CPO headed for a second week of gains on supply concerns and as a weaker Malaysian currency made it cheaper for overseas buyers.

However, the ringgit was on track for a weekly loss as a renewed spike in domestic coronavirus cases and political uncertainty put investors on guard.

Still, the palm oil market remains vulnerable to a sell-off on worries about exports and a decline in soybean oil’s premium over palm oil, it reported.






Related Stocks

IOICORP 4.290
NSOP 3.200
PPB 18.480
UTDPLT 14.240

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