Tenaga slumps to 6 month low, weighs on KLCI


  • Markets
  • Thursday, 16 Jan 2020

KUALA LUMPUR: Power giant Tenaga Nasional fell to a six month low at midday on Thursday and dragged the FMB KLCI into the red while plantations lost ground as crude palm oil prices for third month delivery fell below the RM3,000 level.

At midday, the KLCI was down 5.49 points or 0.35% to 1,579.65. Turnover was 1.51 billion shares valued at RM814.23mil. Decliners led advanceds 437 to 250 while 366 counters were unchanged.

Tenaga is bracing for new players as the government moves to open up the retail electricity market. Its share price fell 22 sen to RM12.68, the lowest in six months and erased 1.93 points from the KLCI.

Consumer stocks were among the top losers, with Dutch Lady down RM1.14 to RM45.04, Nestle 80 sen to RM144.80, BAT 64 sen to RM14.22, Ajinomoto 28 sen to RM14.10, F&N 26 sen to RM33.14 and Heineken 20 sen to RM27.

Takaful extended its losses, down 57 sen to RM5.13 with 4.82 million shares done. This was the lowest since late April last year.

Its share price was impacted by RHB Bank’s announcement of its plan to end it bancatakaful service agreement (BSA) with the insurer.

Crude palm oil for third month delivery fell RM6 to RM2,903 per tonne. PPB Group lost 14 sen to RM18.48, KL Kepong 10 sen to RM24.48, IOI Corp five sen to RM4.63 while Sime Plantation was flat at RM5.30.

Among the banks, Ambank and Public Bank lost two sen each to RM3.89 and RM19.54, CIMB one sen to RM5.17 but HL Bank rose two sen to RM16.88, Maybank and RHB Bank were flat at RM8.60 and RM5.81.

US light crude oil rose 41 cents to US$58.22 and Brent 42 cents to US$64,42.

Dialog rose two sen to RM3.41 but Petronas Chemicals lost four sen to RM6.99, Petronas Dagangan two sen to RM22.36 and Petronas Gas 12 sen lower at RM16.84.

Vitrox was the top gainer, up 15 sen to RM9.05, PMB Tech and Mi eight sen each to RM3.17 and RM1.97 while Dufu gained six sen to RM3.93.

The ringgit edged up 0.17% against the US dollar to 4.0675.

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Tenaga , plantation , Takaful

   

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