国际股市

【319股市】 Genting Plantations erases price gains in final-hour trade

大象配资官方网站 – 319th[.]com

KUALA LUMPUR (July 7): Genting Plantations Bhd’s share price erased intraday gains on Thursday (July 7) during Bursa Malaysia’s final-hour trade as investors took profit and as they weighed prospects of the Malaysian oil palm plantation sector against a confluence of factors including crude oil prices and anticipation of Indonesia exporting more crude palm oil (CPO) after Indonesia removed its CPO export ban on May 23, 2022.

Genting Plantations closed unchanged at RM6.32, after the stock’s price rose to its intraday high of RM6.42 before falling to its intraday low of RM6.30.

The removal of Indonesia’s three-week CPO export ban, which was implemented to tame soaring prices of domestic cooking oil, has led to expectations of higher CPO inventory in Malaysia.

Global CPO prices also track crude oil prices as cheaper crude oil leads to anticipation of less demand for CPO to produce biodiesel.

According to Bloomberg data, three research firms maintained a “neutral” call on Genting Plantations: Public Investment Bank Bhd with a target price (TP) of RM7.94, Maybank Investment Bank Bhd (TP: RM6.40) and CGS-CIMB Securities Sdn Bhd (TP: RM8.76). Meanwhile, RHB Investment Bank Bhd on Wednesday called to “sell” the stock with TP at RM7.35.

Genting Plantations’ share price has been trending downwards since end-April, and has been trading below the RM7 mark for about three weeks now.

According to its website, Genting Plantations currently owns 12 oil mills — one in West Malaysia, six in Sabah and five in Indonesia — with a combined capacity of 665 metric tonnes per hour.

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