NST Online Business Times : latest

Posted: 27 Feb 2013 06:02 PM PST

Felda Global Ventures Holdings Bhd said that palm oil shipments from Malaysia, the largest producer after Indonesia, should be allowed duty-free for some companies until midyear to help reduce near-record stockpiles.

There's a risk reserves will be carried into the second half unless they are cleared, Datuk Sabri Ahmad, chief executive officer of the third-largest operator of palm plantations, said in an interview.

Government programmes, such as increased blending of palm in biodiesel, known as B10, should be speeded up, Sabri said yesterday.

Exports in March are set to be taxed at 4.5 per cent after two months of duty-free shipments.

The world's most-used cooking oil is mired in a bear market as supply and stockpiles have surged to records, and Sabri's comments reflect producers' concern that the reserves need to be reduced to pave the way for a rebound in prices.

While Sime Darby Bhd said yesterday that it expects palm to rally in the second half, Dorab Mistry, a director at Godrej International Ltd, who's traded the oil for more than three decades, has said the outlook is bearish as global oilseed supplies increase.

"If you have duty-free from Malaysia just for a short period only until June to clear stocks, this will help," Sabri said in his office in Kuala Lumpur, proposing that the break apply to so-called integrated companies that have local estates and refineries overseas.

If something new isn't done, "it's going to be burdensome stocks going into October," he said.

Malaysian supply typically peaks in September or October.-- Bloomberg

KL share higher in early trade

Posted: 27 Feb 2013 06:20 PM PST

Share prices on Bursa Malaysia were higher in early trade today in line with gains on most regional markets, dealers said.

The FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.84 points higher at 1,625.98, after 40 minutes of trading. It had opened at 1,625.37.

HwangDBS Vickers Research said Asian equities will probably get a lift from the overnight rise on Wall Street.

Major US stock indices climbed between 1.0 per cent and 1.3 per cent, as sentiment was boosted by better US housing statistics and the successful bond sales by Italy, amid its on-going political turmoil.

On the home front, the Finance Index rose 32.06 points to 15,073.26, and the Plantation Index fell 10.7 points to 7,836.79, while the Industrial Index increased 2.03 points to 2,790.44.

The FBM Emas Index improved 16.029 points to 11,068.06, the FBMT100 rose 14.75 points to 10,920.91, the FBM Ace Index decreased 20.39 points to 3,939.06 and the FBM Mid 70 Index was 27.32 points higher at 12,101.12.

Gainers led losers by 144 to 115, with 167 counters unchanged, 1,249 untraded and 60 others suspended.

Total volume stood at 133.57 million shares worth RM762.25 million.

For the actives, Patimas gained one sen to five sen, Ariantec Global added five sen to eight sen and Palette Multimedia-Wr was flat at half sen.

Among heavyweights, Maybank gained two sen to RM9.14, Sime Darby was flat at RM9.17 and Axiata slipped one sen to RM6.33.-- Bernama

Kredit: www.nst.com.my

Rabu, 27 Februari 2013

NST Online Business Times : latest

NST Online Business Times : latest

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