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Plantations, small cap oil and gas stocks in limelight

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by October 11, 2016 General

KUALA LUMPUR: Small cap and lower liner oil and gas counters were in play again on Tuesday as crude oil prices held steady above the key US$50 level.

However, the rebound in crude palm oil prices helped underpin the FBM KLCI’s advance with gains in heavyweights Sime Darby and IOI Corporation.

At 5pm, the KLCI was up 3.4 points or 0.2% to 1,668.72. Turnover was 1.56 billion shares valued at RM1.88bil. The broader market was firmer with advancers leading decliners four to three, with 440 gainers, 324 losers and 417 counters unchanged.

The ringgit slipped against the US dollar to 4.1720 from 4.1467 and lost ground against the Singapore dollar to 3.0265 from 3.0193 and slipped against the Euro to 4.6408 from 4.6387. It rose against the pound sterling to 5.1309 from 5.1513.

World shares tapped the brakes on Tuesday as oil prices eased back from their highest level of the year, while Britain’s sterling took another dive as UK and EU ministers traded fresh Brexit blows, Reuters reported. 

Hong Kong stocks fell more than 1% on Tuesday as investors took profits after a strong rally over the past few months.

Oil eased off a one-year high, with US light crude down 42 cents to US$50.93 a barrel and Brent lost 47 cents to $52.61 as doubts lingered about OPEC plans to cut production, Reuters reported. 

Small cap and lower liner oil and gas stocks rose in active trade, with Hibiscus gaining 4.5 sen to 24 sen, TH Heavy one sen higher at 18.5 sen, Perisai Petroleum 0.5 sen to eight sen, Sumatec was flat at 8.5 sen. SapuraKencana added five sen to RM1.68 and Bumi Armada 1.5 sen higher at 71 sen in active trade.

Petronas Chemicals added one sen to RM6.78, Petronas Gas was flat at RM21.78 and Petronas Dagangan lost 14 sen to RM23.36.

Crude palm oil for third month delivery rose RM46 to RM2,588 per tonne. Far East added 28 sen to RM14.74. Sime Darby added 11 sen to RM7.83 and pushed the KLCI up 0.64 of a points and IOI Corp rose five sen to RM4.50 and nudged the index up 0.55 of a point. PPB Group rose four sen to RM16.10.

CIMB Group rose five sen to RM4.79 and nudged the index up 0.74 of a point, Hong Leong Bank added four sen to RM13.20, RHB Bank and Ambank eked out one sen each to RM4.63 and RM4.06 while Maybank and Public Bank were flat at RM7.70 and RM19.78. 

IHH Healthcare added five sen to RM6.55, Genting Malaysia added four sen to RM4.70 and Tenaga gained two sen to RM14.38.

Among the consumer stocks, BAT rose 52 sen to RM49.32, Ajinomoto 34 sen higher at RM13.68, Carlsberg gained 24 sen to RM14.74 but Dutch Lady lost 50 sen to RM59.50 and F&N was down 18 sen to RM24.

Aeon Credit gained 32 sen to RM14.98 and insurer LPI Capital added 22 sen to RM16.78. 

Lay Hong fell the most, down 70 sen to RM10.20 ahead of its one into five share split, one-for-one bonus issue, free warrants and a dividend of five sen a share which will go ex on Wednesday.

As for telcos, Maxis fell six sen to RM6.08 and erased 0.76 of a point from the KLCI and Axiata shed five sen to RM5.31 while Telekom lost one sen to RM6.72 and Digi was flat at RM5.

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