The index closed at 1507.04, down 9.18 points. The market saw RM2.5bil worth of trades exchanging hands.
The market saw profit taking in select heavyweights after a week-long rally in plantation and election theme stocks. The market uptrend is likely to continue, with the strong CPO prices and the election and the Chinese New Year positive sentiments as the short and medium term driver.
For those who feel that they have missed the "plantantion" boat, Govinder from Business Times suggested the following...
"Investors that feel dreaded to catch the big-cap plantation stocks at current price level could still consider small-to-medium cap plays like Sarawak Plantation, United Malacca, TH Plantations, Kulim and United Plantations. Sarawak Plantation is a clear laggard among them."
Other news...
The Second Finance Minister confirmed that Bursa Malaysia is in talks to divest a stake in the firm to a foreign party (EDGE alluded us to NYSE Euronext, the parent of the New York Stock Exchange) but it has not concluded any tie-up with any potential strategic partner. (BTimes)
The euro rose to a six-week high against the dollar as traders increased bets that U.S. interest rates will fall below the euro region's for the first time in three years. (Bloomberg)
Palm oil futures in Malaysia rose to a record above $1,000 a metric ton for a second day on concern declining supply may deplete inventories. Palm oil stockpiles in Malaysia, the second-largest producer of the commodity, dropped 7 percent in December from November as production slumped 15 percent, the worst output decline in a year, the Malaysian Palm Oil Board said Jan 11. (Bloomberg)
Stocks to watch this week: plantation, Bursa and the banking sector.
The market saw profit taking in select heavyweights after a week-long rally in plantation and election theme stocks. The market uptrend is likely to continue, with the strong CPO prices and the election and the Chinese New Year positive sentiments as the short and medium term driver.
For those who feel that they have missed the "plantantion" boat, Govinder from Business Times suggested the following...
"Investors that feel dreaded to catch the big-cap plantation stocks at current price level could still consider small-to-medium cap plays like Sarawak Plantation, United Malacca, TH Plantations, Kulim and United Plantations. Sarawak Plantation is a clear laggard among them."
Other news...
The Second Finance Minister confirmed that Bursa Malaysia is in talks to divest a stake in the firm to a foreign party (EDGE alluded us to NYSE Euronext, the parent of the New York Stock Exchange) but it has not concluded any tie-up with any potential strategic partner. (BTimes)
The euro rose to a six-week high against the dollar as traders increased bets that U.S. interest rates will fall below the euro region's for the first time in three years. (Bloomberg)
Palm oil futures in Malaysia rose to a record above $1,000 a metric ton for a second day on concern declining supply may deplete inventories. Palm oil stockpiles in Malaysia, the second-largest producer of the commodity, dropped 7 percent in December from November as production slumped 15 percent, the worst output decline in a year, the Malaysian Palm Oil Board said Jan 11. (Bloomberg)
Stocks to watch this week: plantation, Bursa and the banking sector.
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