FYI, Pak JM, ABN, Senior OB, namanya juga ramalan. Salam
Plantation shares seen dragging Malaysia stocks lower
Sun Aug 10, 2008 7:45pm EDT
KUALA
LUMPUR, Aug 11 (Reuters) - Malaysian stocks are
expected
to ease on Monday, with more selling
pressure likely
in the
plantation stocks amidst falling crude palm oil prices,
dealers
said.
"We see a further slide in the CPO
prices, as supply is
exceeding
demand, while declining crude oil prices have also
lowered
the attraction for biofuel," said a dealer at a major
local
brokerage house.
"This means that the plantation stocks,
including big caps
like
Sime Darby and IOI Corp are likely to see more selling and
could
drag the index down," the dealer said.
Sime Darby (SIME.KL: Quote, Profile, Research, Stock
Buzz) is Malaysia's biggest listed firm,
while
IOI Corp (IOIB.KL: Quote, Profile, Research, Stock
Buzz) is ranked sixth in terms of market
capitalisation.
Both the firms lost 10.26 percent and 9.45
percent
respectively
last week, much more than the nearly 2.5 percent
fall
in the benchmark Kuala Lumpur Stock Index .KLSE.
On Friday, the index closed 0.9 percent lower
at 1,120.31
points.
The August index futures KLIQ8 put the index at
1,118.0
points.
Dealers said the next support level for the
index was seen
at
1,098 points.
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