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IOI shares hit a high as palm oil prices soar |
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Business & Market 2009
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Written by Chong Jin Hun
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Thursday, 26 November 2009 17:08 |
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KUALA LUMPUR: Shares of plantation firm IOI Corp Bhd rose to its highest in more than a year as the stock advanced as much as 2.6% today against a backdrop of higher palm oil prices.
IOI shares climbed as much as 14 sen to RM5.55 and touched a low of RM5.35 before finishing at RM5.41, unchanged from a day earlier. Some 3.9 million shares changed hands.
The stock was the top mover of FBM KLCI today.
Malaysian palm oil for January 2010 delivery rose as much as 1.6% or RM39 to RM2,508 a tonne today in line with gains for rival soybean oil as investors priced in a recovery in the demand for edible oil, especially in India.
Costlier crude oil, at close to USD80 a barrel, has also prompted demand for palm oil as feedstock for biodiesel, deemed a cheaper alternative to the hydrocarbon fuel.
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Last Updated on Thursday, 26 November 2009 23:56
