Singapore plantation stocks firmer on hopes CPO demand will remain buoyant after recent data from Malaysian Palm Oil Board shows strong pick-up in production, exports last month. According to MPOB, total CPO output from Malaysia in October +27.4% on-month while palm oil exports +11.8%, with increased sales to all regions except China. "Going towards the end of the year, we expect a pick up in exports with upcoming year-end festivities and then Lunar New Year in February 2010," says Phillip Securities; "with the recovery of the global economy, we believe that consumption of edible oil will pick up as well." Golden Agri-Resources (E5H.SG) +2.1% at S$0.49, Indofood Agri Resources (5JS.SG) +3.2% at S$1.95, First Resources (EB5.SG) +2.2% at S$0.945, Kencana Agri (F9M.SG) +1.8% at S$0.285. Overall volume substantial, suggesting firm buying interest. (FKH)
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(END) Dow Jones Newswires
November 24, 2009 02:52 ET (07:52 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.
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