MALAYSIA'S FTSE Bursa Malaysia KLCI Index dropped 4.1, or 0.4 per cent, to close at 1,063.66, the lowest level since June 24 and the first decline in three days.
Thirteen stocks fell and seven rose on the 30-member measure. July index futures slid 0.3 per cent to 1,060.
United Plantations Bhd slid 2.4 per cent to RM12, the lowest level since May 25.
Hap Seng Plantations Holdings Bhd fell 2.9 per cent to RM2.01, the lowest close since May 7. Kuala Lumpur Kepong Bhd, Malaysia’s third-biggest palm-oil producer, declined 0.8 per cent to RM11.80, the fourth decline in five days.
Palm oil, the world’s most traded vegetable oil, may fall below RM2,000 ringgit a metric ton as output climbs faster than demand, according to Maybank Investment Bank Bhd and OSK Research.
Palm oil futures dropped as much as 2.3 per cent to RM1,964 ringgit.
KNM Group Bhd, Malaysia’s biggest listed oil and gas services provider, dropped 2.1 per cent to 71.5 sen, the lowest since May 7.
Scomi Group Bhd declined 4.1 per cent to 58 sen and Petra Perdana Bhd lost 1.2 per cent to RM2.56.
Crude oil fell for a second day as Asian stocks declined, raising speculation that the global recession will sap demand for fuel and increase stockpiles.
Supermax Corp, a rubber-glove maker, jumped 8.2 per cent to RM2.12, the highest level since January 21, 2008.
The company said second-quarter net income almost doubled to RM25.8 million from the same period a year earlier.
The spread of swine flu has boosted demand for its products and Supermax is “confident” of reporting earnings per share of at least 27 sen for 2009, it said in a statement. - Bloomberg
Thirteen stocks fell and seven rose on the 30-member measure. July index futures slid 0.3 per cent to 1,060.
United Plantations Bhd slid 2.4 per cent to RM12, the lowest level since May 25.
Hap Seng Plantations Holdings Bhd fell 2.9 per cent to RM2.01, the lowest close since May 7. Kuala Lumpur Kepong Bhd, Malaysia’s third-biggest palm-oil producer, declined 0.8 per cent to RM11.80, the fourth decline in five days.
Palm oil, the world’s most traded vegetable oil, may fall below RM2,000 ringgit a metric ton as output climbs faster than demand, according to Maybank Investment Bank Bhd and OSK Research.
Palm oil futures dropped as much as 2.3 per cent to RM1,964 ringgit.
KNM Group Bhd, Malaysia’s biggest listed oil and gas services provider, dropped 2.1 per cent to 71.5 sen, the lowest since May 7.
Scomi Group Bhd declined 4.1 per cent to 58 sen and Petra Perdana Bhd lost 1.2 per cent to RM2.56.
Crude oil fell for a second day as Asian stocks declined, raising speculation that the global recession will sap demand for fuel and increase stockpiles.
Supermax Corp, a rubber-glove maker, jumped 8.2 per cent to RM2.12, the highest level since January 21, 2008.
The company said second-quarter net income almost doubled to RM25.8 million from the same period a year earlier.
The spread of swine flu has boosted demand for its products and Supermax is “confident” of reporting earnings per share of at least 27 sen for 2009, it said in a statement. - Bloomberg
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