FGV flattens after spiking above IPO price
Felda Global Ventures (FGV) flattened out at RM4.58, three sen higher than its initial public offering price, at 4.30pm today after surging 14 sen to a high of RM4.62 yesterday.
Analysts say there are a combination of reasons why the stock, which has been on a downward trend and stayed mostly under water in 2013, suddenly saw a sudden boost.
Among others, they said the Palm Oil Conference which concluded in Kuala Lumpur yesterday gave some certainty on the outlook of CPO prices.
This, said JF Apex Securities Sdn Bhd, gave a boost to the Plantation Index which rose 119.26 points yesterday.
The planters also rode buying trend which boosted the FBM KLCI almost 10 points yesterday, the broking house said in a note.
An analyst with Public Investment Bank Bhd said that while the upcoming general election has set a cautious tone among investors, there is no shortage of funds.
Go to KiniBiz for more .
Keep Malaysiakini independent!
Malaysiakini will be 18 this year. That we’ve survived this long is because of you.
Your support matters. A lot. Especially those who pay RM150 annually, RM288 biennially or RM388 triennially to keep Malaysiakini independent from government/opposition influence and corporate interests. Advertising alone will not keep Malaysiakini afloat.
Together, we’ve gone far. We’ve covered three prime ministers, four general elections, five Bersih rallies, and countless scandals. But the journey continues.
Help us deliver news and views that matter to Malaysians. Help us make a difference for Malaysia.