KUALA LUMPUR (May 4): Plantation counters on Bursa Malaysia demonstrated greater interest from investors this morning after crude palm oil (CPO) prices rallied even further.

As of 9.30am, shares in Gopeng Bhd, Sarawak Oil Palms Bhd (SOP), United Malacca Bhd, Kluang Rubber Company (Malaya) Bhd, Genting Plantations Bhd (GenP), and Sarawak Plantation Bhd were among top value gainers on the local bourse.

Leading the charge was Gopeng and SOP. At the time of writing, these two counters were the second and sixth top value gainers on the local bourse.

Gopeng rose 35.33% or 29.5 sen to a one-month high of RM1.13, valuing it at RM303.96 million.

Meanwhile, SOP was 2.61% or 10 sen higher at RM3.93, which translates into a market capitalisation of RM2.25 billion.

Kluang Rubber, United Malacca and GenP were among 10th, 11th and 12th top value gainers.

Kluang Rubber was 2.70% or 10 sen higher at RM3.80. United Malacca was 1.96% or 10 sen higher at RM5.20 per share, whereas 1.02% or nine sen higher at RM8.90 per share.

Sarawak Plantation was 3.33% or eight sen higher at RM2.48 - making it the 19th top gainer on the local bourse today.

The better sentiment on the sector also extended itself to companies that maintain plantation arms as well.

For example, property company MKH Bhd, which maintains plantations in Kalimantan, Indonesia, was 6.52% or nine sen higher at RM1.47, while diversified PPB Group Bhd which counts Singapore listed Wilmar International Ltd was 0.43% or eight sen higher at RM18.58.

Even among the top actives list, TDM Bhd and Rimbunan Sawit Bhd were the second and fifth-most actively traded counters on the local bourse with a trading volume of 64.77 million shares and 33.57 million shares respectively.

Meanwhile, the FBM Asian Palm Oil (RM), FBM Palm Oil Plantation NC and Plantation Indexes were among the best performing indices on the local bourse this morning.

In terms of Crude Palm Oil (CPO) prices, according to the Malaysian Palm Oil Board (MPOB), CPO prices stood at RM4,497 a tonne yesterday.

In a note to clients, CGS-CIMB Futures Sdn Bhd noted that palm oil jumped the most in 11 months after soy oil powered to fresh 2008 highs and traders weighed higher than expected supplies in Malaysia.

“Futures in Kuala Lumpur closed 4.8% higher after posting an intraday rise of as much as 5.9%. In Chicago, soybean oil soared to the highest since July 2008 and soybeans extended gains amid a renewed surge in crop commodities. Palm rallied in unison with the surge in Chicago soy prices, says an analyst,” it said.