Published: Tuesday July 10, 2012 MYT 10:49:00 AM
Plantations lead blue chips higher
By Joseph Chin
KUALA LUMPUR: Plantations led blue chips higher in late morning trade on Tuesday, following the recent rebound in the crude palm oil (CPO) prices.
At 10.44am, the FBM KLCI was up 1.79 points to 1,622.10. Turnover was 307.89 million shares valued at RM269.48mil. The broader market was firm with 280 gainers, 204 losers and 262 counters unchanged.
CPO third-month futures was trading at RM3,141, off the intra morning high of RM3,150.
OSK Investment Research had upgraded the plantation sector to Overweight on expectation of palm oil price entering a new three-year price upcycle, fuelled by increasing probability of a drought-inducing El Nino weather phenomenon.
PPB was the top gainer, up 30 sen to RM16.08 with 100 shares done. Chin Tek added 19 sen to RM9, IJM Plantations 14 sen to RM3.65 and KLK eight sen higher to RM23.98. However, Genting Plantations shed 16 sen to RM9.84 on profit taking.
KLCCP was among the top gainers, up 25 sen to RM5.23 as interest resume in the company on its proposed REIT plan.
Consumer stocks BAT added 24 sen to RM56.94, Nestle 20 sen to RM58, Dutch Lady 20 sen to RM36 and GAB eight sen to RM13.56.
Pharmaniaga was the top loser, shedding 20 sen to RM10.40 after the surge in the share price in recent weeks.
Parkson fell nine sen to RM4.69, LPI eight sen to RM13.64 and TN Logistics six sen to RM1.16.