(Bloomberg) -- Palm oil may be among your best bets to sow wealth in the Year of the Pig, if the ancient Chinese practice of feng shui is to be believed.
The brokerage unit of Malaysian bank 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 next week, 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’s side or not, prices this year are starting to look better. Futures traded in Kuala Lumpur jumped 8.4 percent 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.
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