KLK, PPB weigh on FBM KLCI midday

The 30-stock FBM KLCI fell at the midday break on July 9 as investors turned cautious on plantations, with KL Kepong and PPB among the major decliners, despite a mild recovery in crude palm oil futures.

At midday, the FBM KLCI was down 5.36 points to 1,060.11, the fourth straight day of losses. Turnover was 235.29 million shares valued at RM420.52 million. There were 186 gainers, 195 losers and 207 stocks unchanged.

Key Asian markets were mostly lower except for Singapore, where then Straits Times Index rose 1.2% to 2,286.95. Japan’s Nikkei 225 fell 1.14% to 9,313.64, Hong Kong’s Hang Seng Index 0.6% lower at 17,617.65 and Shanghai’s Composite Index unchanged at 3,080.87.

Light crude oil rose 48 cents to US$60.62 while CPO futures rose RM19 to RM2,020.

Malaysia’s industrial out data showed a contraction in May from a year ago but there was some optimism that a bottom could have been reached. The IPI for May fell 11.1% on year but rose 1.6% from April.

KL Kepong fell the most, sliding 40 sen to RM11.40, PPB 20 sen to RM11.70 and Batu Kawan 15 sen to RM8.45 while UMCCA lost 10 sen to RM7.30. Sime Darby unchanged RM7.20 and IOI Corp fell eight sen to RM4.52. IJM Plantations fell 10 sen to RM2.50 after its proposed rights issue.

DFZ fell 38 sen to RM4.60, Bintulu Port 30 sen to RM6.05 and LKT 28 sen to RM1.82.
Hartalega rose 14 sen to RM4.38, Kossan two sen to RM3.92 but Top Glove lost five sen to RM6.95.
MISC advanced 10 sen to RM8.55 in thin trade, Hai-O 10 sen also to RM4.90, MAHB eight sen to RM3.36 and SapuraCrest six sen to RM1.49.Sino Hua-an was the most active with 14.9 million shares done, rising 2.5 sen to 49.5 sen.