The past three days seemed quieter by Monday’s standard, but enough to take May to-date cumulative volume to about 88 billion units.
Stockbrokers said the bulk of the buying and selling activities in recent weeks were done by a swelling rank of retail investors targeting penny stocks and cheap warrants, flooding the market with quick trades. Food inflation, however, continued to climb driven by higher grocery prices. This is a reflection of greater consumption at home due to the MCO.
Most companies said they were affected by the Covid-19 pandemic and the MCO that came into force since March 18. Upon full implementation, the B20 in transportation and B7 in industrial were estimated to soak up around 1.3 million tonnes of palm oil a year, or almost 7% of 2020 projected crude palm oil production.