Kuala Lumpur Kepong Bhd, Malaysia’s third-biggest palm oil producer, climbed to an 11-month high in Kuala Lumpur trading, leading Asian planters higher on gains in the price of the edible commodity.
Kepong rose 1.7 per cent to RM12.30 at 12.30pm local time, set for its highest close since Aug. 7 last year.
Smaller rival Kulim (Malaysia) Bhd gained 1.4 per cent to RM7.15, a 10-month high, while Indonesia’s PT Astra Agro Lestari climbed 5.4 per cent to 17,450 rupiah in Jakarta trading, set for its biggest advance since May 7.
Palm oil for October delivery climbed 1.7 per cent to RM2,160 in Malaysia yesterday, the highest in two weeks, and traded at RM2,149 earlier today.
Profits at dedicated oil palm planters may rise as much as 9 per cent for every RM100 gain in the price of crude palm oil per ton, Gan Huey Ling, an analyst at AmResearch Sdn Bhd, wrote in a report today.
“There should be margin enhancements resulting from improved selling prices and lower cost of fertilisers,” said Gan, who recommends investors buy Malaysia’s Kepong, Kulim, IOI Corp, Genting Plantations Bhd, Singapore’s Wilmar International Ltd and Indofood Agri Resources Ltd He has an “overweight” call on the plantation industry. – Bloomberg
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