CPO fall again..

KUALA LUMPUR: Crude palm oil futures for third month delivery fell RM128 to RM1,860 at midday on Tuesday, tracking the losses on soyabeans and vegetable oils traded in China on concerns about weaker demand.

The 6.4% decline in CPO price pushed plantation stocks lower, including KL Kepong and IOI Corp.

At 12.30pm, the KL Composite Index had fallen 8.04 points to 915.53. There were 279 million units traded at RM310.8mil. There were 99 gainers, 272 losers and 158 stocks unchanged.

All major Asian markets except Singapore, posted declines.

Japan’s Nikkei 225 was the worst performer, down 404 points or 4.58% to 8,432.21, Shanghai’s A Share Index lost 1.19% to 1,971.25 while Hong Kong’s Hang Seng Index eased 0.07% to 13,980.91. Singapore’s Straits Times Index bucked the trend, adding 1.42% to 1,801.45.

Crude oil also fell, shedding 37 cents to US$37.22.

Earlier, Citigroup Research cut Malaysia’s economic growth to 0.5% for this year. On equities, the foreign research house said it expected the bear market likely to bottom earliest in the first quarter.

Among plantations, Chin Tek fell 40 sen to RM5.60 while KL Kepong lost 20 sen to RM9.80 and IOI Corp shed 12 sen to RM3.88. PPB fell 20 sen to RM9.80, Asiatic 12 sen to 12 sen to RM4.04.

Tanjong lost 30 sen to RM13.90, Petronas Dagangan 25 sen to RM7.45 and Parkson 14 sen to RM3.36.

Penny stocks were among the major gainers but in thin trade. Abric jumped 29.5 sen to 40.5 sen, De Gem 11 sen to 96 sen, PCCS 8.5 sen to 38 sen and Amtel 6.5 sen to 48.5 sen.

Tong Herr added eight sen to RM2.20, HL Bank five sen ti RM5.45 and JTI four sen higher to RM4.52.