The Star Online: Business
The Star Online: Business |
- KLCI falls in early trade
- Malaysia, Indonesia in talks to form joint body to support palm oil price
- Pesona Metro jumps on trading debut
| Posted: 09 Oct 2012 06:28 PM PDT KUALA LUMPUR: Blue chips fell in early trade on Wednesday, with banks and plantations among the major decliners but in very thin trade, as investors were cautious after the overnight fall on Wall Street. At 9.10am, the FBM KLCI was down 5.2 points to 1,658.12. Turnover was 60.05 million shares valued at RM39.82mil. There were 75 gainers, 102 losers and 118 counters unchanged. Bloomberg reported Asian stocks fell, with the regional benchmark index heading for a one-month low, on concern China's economic slowdown and its territorial dispute with Japan are weighing on corporate earnings. At Bursa Malaysia, CIMB slipped eight sen to RM7.70 and RHB Cap gave up four sen to RM7.21 but Public Bank rose four sen to RM14.60. Among plantations, SOP fell nine sen to RM5.99 with 100 shares done, Sime gave up eight sen to RM9.70 while TH Plantations lost four sen to RM2.30. UMW fell eight sen to RM10.04, IGB and Genting five sen each to RM2.41 and RM8.68. Asia Media continued to lost ground, falling five sen to 53 sen. On a more positive note, Pharmaniaga climbed 37 sen to RM8.10 following a positive report from a research house. Glove makers advanced, with Top Glove up five sen to RM5.22 and Adventa four sen to RM1.89. Pesona Metro, which took over the listing status of Mithril nder a restructuring exercise, jumped 20.5 sen to 45.5 sen with 20.04 million shares done. |
| Malaysia, Indonesia in talks to form joint body to support palm oil price Posted: 09 Oct 2012 06:23 PM PDT JAKARTA: Indonesia and Malaysia, the world's dominant palm oil producers, are in talks to form a joint body that will seek to support prices by reducing stocks and controlling supplies of the edible oil, government trade officials said. Malaysia and Indonesia together account for about 90% of global palm oil supplies of around 40 million tonnes. Trade and commodities ministers discussed bilateral proposals for palm oil at a meeting on Monday, and floated the idea of limiting plantation expansion and stepping up industry and biofuel use. Although no decisions have yet been made, Indonesia's Trade Minister Gita Wirjawan said future cooperation would be similar to that already in place for the region's rubber industry. "We will sit together to discuss our action to drive the palm oil price," Wirjawan told reporters yesterday. "We are looking for bilateral cooperation on this issue. It may be similar to what we have done on rubber." The International Tripartite Rubber Corp and the International Rubber Consortium, which groups senior government officials from top producers Malaysia, Thailand and Indonesia, meet regularly to discuss how to help the industry. Benchmark Malaysian palm oil futures edged up yesterday, supported by the prospect of a possible export tax change in Malaysia, after having slipped to a near 3-year low last week on concerns over rising stocks and slowing demand. One analyst was sceptical on how far the two countries would cooperate, since they have to compete for customers. "I'm in two minds about this," said Abah Ofon, a commodities analyst at Standard Chartered in Singapore. "If they do come together in a genuine fashion to get more involved in the market, it's going to be a tad more effective than what happened with the rubber industry." Attempts to boost rubber prices by the three top producers are often fragmented because the issue is very political in Thailand, while Malaysia is a small producer even though it is a leading consumer. "Even in the short term, if they do decide to have a stranglehold on the market, they can," added Ofon. - Reuters |
| Pesona Metro jumps on trading debut Posted: 09 Oct 2012 06:15 PM PDT KUALA LUMPUR: Pesona Metro Holdings Bhd, which took over the listing status of Mithril Bhd under a restructuring exercise, saw its share price jump in early trade on Wednesday. Shares of the construction company opened at 46.5 sen, or a premium of 21.5 sen above the reference price of 25 sen. There were 2.9 million shares done. At 9.01am, it was up 22.5 sen to 47.4 sen. There were 6.42 million shares done. The FBM KLCI fell 5.16 points to 1,658.16. Turnover was 19.50 million shares valued at RM11.71mil. There were 54 gainers, 65 losers and 87 counters unchanged. Pesona's paid-up share capital of RM115.95mil comprising of 463.82 million shares of 25 sen each arising from the restructuring scheme was listed. The reference price for Pesona shares was 25 sen and the upper trading limit would be RM1.25 and lower trading limit was 0.5 sen. The listing exercise saw the company raising RM10mil from the issuance of 400 million new shares at 25 sen each. The company is bidding for RM1.5bil worth of contracts while its orderbook is RM705mil. Persona will invest in industrialised building systems and plans to secure contracts under the PR1MA housing programme. |
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