CPO futures hit limit-down

KUALA LUMPUR: Crude palm oil (CPO) futures hit limit-down briefly in morning trade on Monday, putting pressure on plantation stocks, as investors worried about the possible fallout from a global economic slowdown.

CPO for third-month delivery fell the 10% limit, down RM200 to RM1,800 a tonne as investors worried about the impact of a slowdown on commodities. It was down RM184 to RM1,816 at midday.

At 12.30pm, the KL Composite Index was down 8.48 points to 1,008.22. Turnover was 148.19 million shares valued at RM312.32mil. There were 92 gainers, 342 losers while 166 counters were unchanged.

Asian markets fell, with Hong Kong’s hang Seng Index down 3.31% or 585.69 points to 17,096.71, Japan’s Nikkei 225 fell 4.25% to 10,473.17 and Singapore’s Straits Times Index 3.28% to 2,221.82.

Taiwan’s Weighted Index fell 3.5% to 5,541.22 while Shanghai’s A Share Index, which resumed trading after one-week closure, fell 3.52% to 2,324.17. Thailand’s SET slid 3.61% to 568.75

Light crude oil lost US$1.76 to US$92.12 as concerns about the fallout from the global financial crisis and the impact on commodities.

KL Kepong fell 45 sen to RM8.60, Asiatic and United Plantations 20 sen each to RM4.28 and RM11 while Chin Teck gave up 15 sen to RM6.10. IOI Corp fell eight sen to RM4.02 in active trade.

Among the heavyweights, Sime Darby rose 10 sen to RM6.70 while Telekom added two sen to RM3.42 and Maybank unchanged at RM6.60.

Other decliners were MSC, down 34 sen to RM4.20, Petronas Dagangan 25 sen to RM6.60 and Heitech Padu 24 sen to 90 sen.

Kim Loong-WA was the top gainer, up 11 sen to RM88 sen while Selangor Properties added six sen to RM2.88, Southern Acids and YTL five sen each to RM1.67 and RM6.20.