Tenaga, Petronas-linked stocks weigh on FBM KLCI

KUALA LUMPUR: The FBM KLCI remained in negative territory at the mid-day break on Friday, July 22 as TENAGA NASIONAL BHD and Petronas-linked counters weighed on the index.

Regional markets, however, displayed better investor sentiment on the back of European leaders agreeing on a package to rescue debt-stricken Greece, and on hopes that US policymakers also manage to cobble together a last minute deal.

The FBM KLCI shed 2.65 points to 1,563.16, with losses at Tenaga alone shaving off 3.89 points off the benchmark index.

Given the overall regional sentiment, gainers led losers by 321 to 244, while 304 counters traded unchanged. Volume was 652.04 million shares valued at RM894.67 million.

The ringgit strengthened 0.46% to 2.9825 versus the US dollar; crude palm oil futures for the third month delivery rose RM7 per tonne to RM3,137, crude oil added 32 cents per barrel to US$99.45 while gold fell US$1.65 an ounce to US$1,589.05.

At the regional markets, Hong Kong’s Hang Seng Index jumped 1.69% to 22,358.05, Japan’s Nikkei 225 added 1.13% to 10,123.46, Singapore’s Straits Times Index rose 0.94% to 3,168.08, South Korea’s Kospi up 0.93% to 2,164.94, Taiwan’s Taiex gained 0.66% to 8,774.45 and the Shanghai Composite Index edged up 0.45% to 2,778.40.

Tenaga, which was hit by higher operating expenses, posted a net loss of RM440.2 million in its third quarter ended May 31, 2011 from net profit RM1.11 billion a year earlier, fell 31 sen to RM6.21.

Among the Petronas-linked counters, Petronas Dagangan lost 26 sen to RM17.82, while Petronas Chemicals and Petronas Gas fell two sen each to RM7.07 and RM13.48.

Other decliners included United PLANTATION []s that fell 40 sen to RM20, Sindora and UMS 15 sen each to RM2.59 and RM1.63, Far East 10 sen to RM7.10, while LPI Capital, Selangor Dredging and F&N fell eight sen each to RM13.70, 76 sen and RM19.52 respectively.

Among the gainers, CI Holdings rose 49 sen to RM4.57 after the company said it was set to record gains of RM677.10 million from the sale of its bottling unit, Permanis Sdn Bhd to Asahi Group Holdings Ltd for RM820 million.

Other gainers included BAT and Tasek up 22 sen each to RM46.42 and RM8.10, Cypark 20 sen to RM2.28, QSR 19 sen to RM6.21, S P Setia and Bursa 16 sen each to RM3.91 and RM8.02, KLK 14 sen to RM21.48 and AFG 13 sen to RM3.78.

Meanwhile, the actives included Ingenuity Solutions, Bumi Armada, Jotech, Key West and newly-listed Catcha Media.