KUALA LUMPUR: PPB GROUP BHD [] shares fell in late morning on Thursday, Nov 11 on expectations it would be impacted by the weaker earnings contribution from Singapore-listed Wilmar International.

At 11.25am, PPB was the top loser, down 56 sen to RM18.80 with 104,900 shares done.

The FBM KLCI fell 11.6 points to 1,516.41. This was the biggest one day loss in recent weeks after hitting an all-time high of 1,531.99 on Wednesday in intra-day trade. Turnover was 676.39 million shares valued at RM806 million.

OSK Research said Wilmar posted a shocking loss in the oilseeds and grains segment as commodity prices went against it. This was the group's first ever segmental loss since its listing.

"We are not overly concerned given Wilmar's good track record although the results warrant a cut in our earnings forecast for FY10 to factor in weaker performance in the oilseed and grains segment, but cushioned by stronger CPO price.

"We have also raised our FY11 forecast on a higher CPO price assumption of US$870 per tonne, and included contribution from Sucrogen, for which the acquisition will be completed this year. As Wilmar's growth prospects remain promising, we suggest buying into the current price weakness, with our TP raised to S$7.88," it said.