KUALA LUMPUR: Tenaga Nasional Bhd dragged the FBM KLCI into the red early Friday after news that its major shareholder, Khazanah Nasional Bhd, was reported to be divesting part of its stake in the power giant.
At 9.05am, the KLCI was down 3.26 points or 0.19% to 1,688.12. Turnover was 62.27 million shares valued at RM19.74mil. There 101 gainers, 83 losers and 151 counters unchanged.
Reuters reported that Khazanah is looking to sell 82 million shares of Tenaga, or about 1.5% of the total shares outstanding, which could raise up to US$294mil (about RM1.2bil).
Asian shares slipped and global bonds came under pressure on Friday after the European Central Bank left markets in the dark on what future easing steps it may take, while oil prices jumped on an unexpected drawdown in US stockpile, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4% from Thursday's 13-month high, mirroring the slide in the MSCI's all-country world index.
Oil prices pulled back on profit-taking on Friday after settling more than 4% higher a day earlier after government data confirmed a surprisingly huge drawdown in U.S. crude inventories.
London Brent crude for November delivery was down 36 cents at US$49.63 while NYMEX crude for October delivery was down 35 cents at US$47.27.
At Bursa Malaysia, Tenaga fell 22 sen to RM14.34 with 128,100 shares done. The shares had also climbed in recent months and the latest announcement could have given investors an excuse to take profit and fundamentally there would be no change in the company.
BAT fell the most, down 30 sen to RM50.62 with 100 shares done, Pharmaniaga fell 15 sen to RM5.50 while MAHB was down eight sen to RM6.32 and MISC shed five sen to RM7.60 – all in very thin trade.
As for plantations, KL Kepong fell 24 sen to RM23.66 and PPB Group was down eight sen to RM16.12. but Sime Darby gained three sen to RM7.89
Firmer crude oil prices saw Petronas Gas climbing 36 sen to RM22.36, Petronas Chmeicals added three sen to RM6.72 while Petron Malaysia advanced six sen to RM4.26.
IHH Healthcare rose four sen to RM6.69 while Boustead added three sen to RM2.17.
As for property counters, MKH added three sen to RM2.79.
Pecca jumped nine sen to RM2.03 after its 60%-owned PAviation received the greenlight from the Department of Civil Aviation (DCA) to undertake more leather upholstery in the aviation industry.
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