Foreign selling of Tenaga drags KLCI lower
KUALA LUMPUR: Sustained foreign selling of power giant Tenaga Nasional dragged the FBM KLCI deeper into the red and was the biggest mover among the 30 stocks on Wednesday.
With hopes of a Chinese New Year rally extinguished, the KLCI was down 6.30 points or 0.37% to 1,684.11. Turnover fell below two billion shares to 1.92 billion units valued at RM1.73bil. There were 320 gainers, 424 losers and 372 counters unchanged.
With hopes of a Chinese New Year rally extinguished, the KLCI was down 6.30 points or 0.37% to 1,684.11. Turnover fell below two billion shares to 1.92 billion units valued at RM1.73bil. There were 320 gainers, 424 losers and 372 counters unchanged.
Most key Asian markets except for Hong Kong closed weaker ahead of the new round of the US-China trade talks and other geopolitical worries.
However, the ringgit rose 0.14% against the US dollar ro 4.1060 and climbed 0.49% against the pound sterling to 5.3873 and gained 0.18% to the euro at 4,6967 and inched up 001% to the Singapore unit at 3.0418.
Tenaga fell 36 sen to RM13.14 and erased 3.58 points from the KLCI. Bloomberg data showed 16 research houses and a Buy on the power ginat while six have Hold calls and three Sell recommendations.
Nomura, UOB Kay Hian have a Buy call and target price of RM16 and RM16.80 while Macquarie has an Outperform and TP of RM15.80. CIMB Research has a Hold and TP of RM13.30.
US-based State Street Corp sold 102,377 Tenaga shares on Tuesday.
Maybank fell nine sen to RM9.60 and erased 1.74 points from the KLCI, RHB Bank lost five sen to RM5.47, CIMB and AmBank shed one sen each to RM5.66 and RM4.41 while Public Bank gained two sen to RM24.82 and Hong Leong Bank six sen higher at RM20.78.
US light crude oil rose 17 cents to US$53.48 and Brent added 20 cents to US$61.52. Petronas Gas and Petronas Dagangan added 12 sen each to RM17.90 and RM26.36 but heavyweight Petronas Chemicals fell 12 sen to RM8.33.
Dialog shed one sen to RM3.01 while Yinson fell 16 sen to RM4.15.
Petronas Chemical's closest competition Lotto Chemical Titan fell 38 sen to RM4.24 after it announced a 26.12% drop in net profit for the financial year ended Dec 31, 2018, to RM786.23mil.
The Q4 net profit shrunk to RM10mil versus RM378.15mil a year ago.
Digi lost five sen to RM4.56, Maxis two sen to RM5.74 but Axiata rose eight sen to RM4.04.
Hartalega lost seven sen to RM5.51 and Top Glove nine sen to RM5.47.
Crude palm oil for third month delivery rose RM15 to RM2,309 per tonne. Sime Plantation eked out a one sen gain to RM5.12 and PPB Group added two sen to RM18.12 but IOI Corp shed two sen to RM4.61 and KL Kepong 12 sen lower at RM24.38.
Genting Plantations lost 24 sen to RM10.06 and NSOP 19 sen lower to RM3.21.
However, the ringgit rose 0.14% against the US dollar ro 4.1060 and climbed 0.49% against the pound sterling to 5.3873 and gained 0.18% to the euro at 4,6967 and inched up 001% to the Singapore unit at 3.0418.
Tenaga fell 36 sen to RM13.14 and erased 3.58 points from the KLCI. Bloomberg data showed 16 research houses and a Buy on the power ginat while six have Hold calls and three Sell recommendations.
Nomura, UOB Kay Hian have a Buy call and target price of RM16 and RM16.80 while Macquarie has an Outperform and TP of RM15.80. CIMB Research has a Hold and TP of RM13.30.
US-based State Street Corp sold 102,377 Tenaga shares on Tuesday.
Maybank fell nine sen to RM9.60 and erased 1.74 points from the KLCI, RHB Bank lost five sen to RM5.47, CIMB and AmBank shed one sen each to RM5.66 and RM4.41 while Public Bank gained two sen to RM24.82 and Hong Leong Bank six sen higher at RM20.78.
US light crude oil rose 17 cents to US$53.48 and Brent added 20 cents to US$61.52. Petronas Gas and Petronas Dagangan added 12 sen each to RM17.90 and RM26.36 but heavyweight Petronas Chemicals fell 12 sen to RM8.33.
Dialog shed one sen to RM3.01 while Yinson fell 16 sen to RM4.15.
Petronas Chemical's closest competition Lotto Chemical Titan fell 38 sen to RM4.24 after it announced a 26.12% drop in net profit for the financial year ended Dec 31, 2018, to RM786.23mil.
The Q4 net profit shrunk to RM10mil versus RM378.15mil a year ago.
Digi lost five sen to RM4.56, Maxis two sen to RM5.74 but Axiata rose eight sen to RM4.04.
Hartalega lost seven sen to RM5.51 and Top Glove nine sen to RM5.47.
Crude palm oil for third month delivery rose RM15 to RM2,309 per tonne. Sime Plantation eked out a one sen gain to RM5.12 and PPB Group added two sen to RM18.12 but IOI Corp shed two sen to RM4.61 and KL Kepong 12 sen lower at RM24.38.
Genting Plantations lost 24 sen to RM10.06 and NSOP 19 sen lower to RM3.21.
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