Tenaga weighs on KLCI after disappointing results

KUALA LUMPUR: Blue chips extended their losses early Wednesday after Tenaga's disappointing results dragged the FBM KLCI deeper into the red.
 At 9.26am, the KLCI was down 3.85 points or 0.23% to 1,681.12. Turnover was 215.87 million shares valued at RM183.42mil. There were 192 gainers, 128 losers and 218 counters unchanged.

Asian shares dithered and the dollar jumped to a near 1-1/2-year top as risk assets rowed back amid conflicting signals on prospects for de-escalating the Sino-US trade dispute.

MSCI's broadest index of Asia-Pacific shares outside Japan was last flat. Japan's Nikkei gained 0.5% while South Korea's KOSPI index was a touch firmer, Reuters reported.

Oil prices rose ahead of an OPEC meeting next week at which the producer club is expected to decide some form of supply cut to counter an emerging glut, according to the news wire.

US West Texas Intermediate (WTI) crude futures were at US$52 per barrel at 0027 GMT, up 44 cents, or 0.9% from their last settlement.

Tenaga fell the most, down 54 sen to RM14.18 with 423,900 shares done. 

Tenaga’s 9M18 results were below expectations, says Maybank Investment Bank Research as it retained it Hold call with a lower target price of RM15.60 from RM16.

F&N fell 36 sen to RM33.02, MMSV 5.5 sen to 93.5 sen, Scientex and Choo Bee five sen each to RM9 and RM1.56 and Pos four sen to RM2.15.

Genting Malaysia rose three sen to RM3.03 with 26 million shares done after the battering the previous day.

BAT rebounded RM1.02 to RM37.62, QL Resources added 17 sen to RM7.07, Aeon Credit 14 sen to RM15.66, Hong Leong Bank 10 sen to RM20.76 and CHHB nine sen to RM1.39.

Corporate News , Markets