According to the Energy Commission (EC), electricity demand growth has been declining due to structural changes in the economy and increases in the electricity tariff.
KUALA LUMPUR: Shares of Tenaga Nasional Bhd
has seen volatile trading in recent days as some foreign funds continued to reduce their stakes in the power giant while some local funds were seen to be picking up the shares, according to filings.
According to Bloomberg data, JPMorgan Chase sold 3.30 million shares, Manulife Corporation 848,576 units, Invesco Ltd 767,500 units and Allianz SE 159,698 shares.
State Street Corp disposed of 28,077 shares, BlackRock Inc 141,290 shares and Deutsche Bank AG 3,900.
These were based on the filings dated Feb 7.
However, HSBC Holdings Ltd was seen picking up 726,149 shares and UBS Ag 107,200 shares early February.
The Employees Provident Fund (EPF) purchased 2.13 million shares, based on Feb 4 filing.
Kumpulan Wang Persaraan diPerbankankan (KWAP) bought 150,000 shares, acording to a Jan 31 filing.
Khazanah Nasional Bhd is the largest holder in Tenaga with 28.76% or 1.635 billion shares while the EPF is the second largest with 13.06% or 742.52 million shares, Permodalan Nasional Bhd (PNB) with 9.1% or 517.60 million shares and KWAP 5.47% or 311.15 million shares
At 3.32pm on Friday, Tenaga shares are down 22 sen to RM13.20 with 2.46 million shares done. It gave up nearly half of Thursday's gains when it closed up 48 sen to RM13.42 and boosted the FBM KLCI by 4.3 points.
The KLCI is down 7.32 points or 0.43%. Turnover is 1.73 billion shares valued at RM981.76mil. There are 319 gaiers, 371 losers and 317 counters unchanged.
At the current price of RM13.29, Tenaga is trading at a price to earnings of 13.39 times.
Hong Leong Investment Research, TA Securities, KAF Seagroatt and Campbell, Nomura and UOB Kay Hian Malaysia all have Buy calls with target prices ranging from RM15.50 to RM16.80.
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