TNB becomes second-largest counter by market cap

Lower coal prices are benefiting TNB.

Tenaga Nasional Bhd (TNB) has surpassed Public Bank Bhd (PBB) as the second-most valuable company, trailing only Malayan Banking Bhd (Maybank) and underscoring the growing demand of electricity in the country.

Year-to-date, the utility giant’s share price has outperformed the benchmark FBM KLCI, making it one of the most valuable companies by market capitalisation. Though its shares have been battered recently, TNB has rebounded and maintained its second position in the list of companies by market capitalisation. On Thursday, TNB’s share price fell to an intra-day low of RM13.06 as foreign funds took profit after the recent surge in its share price.