Palm oil prices, which have been rising recently, will go even higher, if feng shui is to be believed. (AFP pic)
PETALING JAYA: The element of wood may be your best bet to sow wealth in the Year of the Pig, if feng shui is to be believed.
The brokerage unit of CIMB Group Holdings Bhd invited feng shui master Kenny Hoo to a lunch recently to discuss the country’s prospects ahead of the Lunar New Year.
Wood, and businesses that relate to it such as palm oil as well as rubber, will thrive in the year of the “Earth Boar” that begins for many Asian countries on Feb 5, according to the master.
While feng shui may often be shrugged off as pseudoscience, it’s not uncommon for companies in Asia to consult masters for investing insight.
In fact, CLSA Ltd. issues an annual report with stock market predictions based on the Chinese system governing flows of energy.
For palm oil players, who last year suffered from tumbling prices, environmental campaigns and ballooning stockpiles, turning to “chi” for signs of good fortune may not be so hard to comprehend.
Whether feng shui is on palm oil’s side or not, prices this year are starting to look better.
Futures traded in Kuala Lumpur are on course for an 8.2% gain in January, their best month since 2017, and the industry’s leading analysts and regulators are becoming more bullish.
The palm industry will be hoping master Hoo is right, and the rally will continue in the new lunar year.