Tenaga powers KLCI higher, KNM slumps

KUALA LUMPUR: Tenaga Nasional helped power the FBM KLCI to a higher close at midday on Friday, May 27 on hopes of revised tariff by government during the National Economic Council meeting scheduled for Friday.

Key regional markets were also higher in the morning session, with Reuters reporting that investors were on a bargain hunting after the recent falls while the euro advanced.

At 12.30pm, the FBM KLCI was up 7.49 points to 1,548.43. Turnover was 447.13 million shares valued at RM692.33 million. There broader market was weaker with losers beating gainers 395 to 246 while 279 stocks were unchanged.

Tenaga up 22c to RM6.52 midday, on hopes of revised tariff by government. Among PLANTATION []s, KLK rose 30 sen to RM22.18, PPB 18 sen to RM17.70 and Batu Kawan 18 sen also to RM16.44.

Genting’s strong set of earnings saw the shares climb 12 sen to RM11.22 while among the banks, HLFG rose 20 sen to RM11.70 and HL Bank 18 sen to RM12.08.

Among the losers, KNM fell 30 sen to RM2.23, the biggest one day loss in recent months after a poor set of first quarter earnings as investors ignored news of its RM217 million Uzbek contract.

MIDF Research maintained a Buy on KNM with a target price of RM3.20 while Maybank Investment Bank Research was more optimistic, keeping NMN as Buy with an unchanged target price of RM3.20.

Perstima was the top loser, down 47 sen to RM4.70 after its fourth quarter net profit fell sharply to RM6.49 million from RM26.62 million a year ago.

Other decliners were F&N, down 22 sen to RM19.28 in thin trade, Cypark shed 14 sen to RM2.06 and MSC 10 sen to RM5.39.