KUALA LUMPUR (July 13): Shares in stocks traditionally deemed as darlings among foreign funds have taken a hit this year, with many among such counters posting year-to-date (YTD) losses in their share prices.

For many, this class of stocks is perceived to be resilient during periods of economic downcycles.

One name that is often highlighted as a favourite among foreign funds is Tenaga Nasional Bhd (TNB). Shares in the utility company were down by 14.36% YTD. At noon market close, TNB shares were down by 0.35% or four sen at RM11.32, valuing it at some RM64.58 billion. It saw some one million shares traded.

Public Bank Bhd, which is now the second-largest company in terms of market capitalisation on Bursa Malaysia, declined to RM12.66 in mid-March. However, it has since then recovered to RM18.44 apiece (at noon market close), valuing the bank at some RM71.59 billion. However, on a YTD basis, its shares have depreciated by 5.14%.

Consumer stocks favoured by foreign funds also saw hits as well.

Fraser & Neave Holdings Bhd has also declined. The company, which is known for the sale and manufacture of FMCG goods such as canned drinks, saw a YTD decline of 8.04%. The counter was down by 0.12% or four sen at RM32.04 per share, valuing it at some RM11.75 billion.

Even Nestle (M) Bhd, which is involved in the sale and manufacture of many consumer staples, also took a hit. While the counter has not fallen below RM100, it still posted a YTD decline of 5.17%. At the end of the morning trading session at the local bourse today, shares in the consumer giant were down 0.07% or 10 sen at RM139.40, valuing it at some RM32.69 billion.

Sin stocks traditionally favoured by foreign funds have also not been spared from declines either.

The only listed brewers in Malaysia — Carlsberg Brewery Malaysia Bhd and Heineken Malaysia Bhd — also declined as well, partly due to concerns that Covid-19 would have an impact on alcohol consumption, particularly as bars and night clubs remain closed due government-led efforts to fight the pandemic.

Carlsberg shares finished today’s morning trading session 0.32% or eight sen lower at RM25 apiece, valuing it at some RM7.64 billion. On a YTD basis, its shares were down by 14.97%. Its competitor Heineken also saw declines, falling by 18.22% YTD. At noon market close, Heineken shares were down 0.27% or six sen at RM22.18, valuing it at some RM6.70 billion.

Meanwhile, British American Tobacco (Malaysia) Bhd has seen its share price impacted as well. YTD the counter was down by 30.77%. The tobacco company fell 1.32% or 14 sen to RM10.44, valuing it some RM2.98 billion.

As for Genting Bhd and Genting Malaysia Bhd (GenM), the casino and resort operator has had to contend with its global operations being severely impacted by the travel restrictions put in place worldwide to combat Covid-19.

Genting shares were down by 31.90% YTD, while GenM shares were down by 23.40% YTD. At noon market close, Genting shares were up 0.73% or three sen at RM4.12, valuing it at some RM15.97 billion. GenM shares were down 0.4% or a sen at RM2.52, giving it a market capitalisation of RM14.96 billion.

Number forecast operators (NFOs) were not spared either. Shares in Magnum Bhd fell by 14.01% YTD, finishing the local bourse’s morning trading session 0.90% or two sen lower at RM2.21, giving it a market value of RM3.18 billion.

As for Berjaya Sports Toto Bhd (BToto), it shed 14.72% YTD. It went unchanged at Bursa’s noon break, valuing it at some RM2.97 billion.

Bucking the trend, oil and gas firm Dialog Group Bhd had actually appreciated on a YTD basis — up by 12.37%. The counter rose 0.77% or three sen to RM3.91, valuing it at some RM22.06 billion.