First Resources: is up 3.7% at $1.98, bucking declines in both the broader market and among sector peers. The listing of Bumitama Agri, which begins trade Thursday, is supportive. Market watchers expect a good performance by new listing Bumitama, which was very oversubscribed.
There are many similarities btwn First Resources and Bumi Agri, in terms of assets, size and age-profile.
At least one house views First Resources as one of the best stocks to own in the plantation sector.
The intraday high of $2.00, also its 52-week high, may act as a cap.
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