The official was reported to have said Japan, which imports about 1.5 million cubic metres or more than 50% of Sarawak’s plywood production in 2009, had seen its inventories shrink over the past 12 months.
LINGUI Developments Bhd. jumped the most in 40 months in Kuala Lumpur trading, leading gains by Malaysian timber producers after the Star reported that plywood prices will rise further amid demand from Japan.
Lingui, Malaysia’s largest by sales, surged 18 percent to 1.42 ringgit as of 3:27 p.m. local time, set for the steepest gain since Nov. 17, 2006. Ta Ann Holdings Bhd. gained 3.5 percent to 6 ringgit, and Java Bhd. gained 16 percent to 78 sen.
Jaya Tiasa Holdings Bhd., a Malaysian timber producer, rose 6.7 per cent to 3.50 ringgit, the highest close since Aug. 6, 2008. The company said profit surged to 13.7 million ringgit in the third quarter ended Jan. 31 from 152,000 ringgit a year earlier on higher selling prices and volume.
Yesterday's action for other timber stocks: Cymao up 24 sen to 90 sen but with only 200 shares done, Subur Tiasa rose 24 sen also to RM2.52, WTK added 11 sen to RM1.34.
source: bloomberg, theedge, btimes
News on 08 March 2010 :
The export of Malaysian timber and timber products is expected to record a better performance this year, in line with the global economic recovery, says Plantation Industries and Commodities Minister Tan Sri Bernard Dompok.
"The demand from major markets is picking up. We expect exports for this year to be better," he told reporters after the official launch of the Malaysian Timber Council (MTC) Global WorldMart 2010 today. read here
