Written by Joseph Chin
Thursday, 23 July 2009 09:22
KUALA LUMPUR: Tenaga shares fell in early trade on July 23 after it was unable to get the tariff hike while Measat and Astro rose after the Prime Minister said he wanted the relisting of Maxis Communications.
At 9.09am, the FBM KLCI fell 5.57 points to 1,142.93 tracking the overnight decline of the 30-stock Dow Jones Industrial Average. Turnover was 14.04 million shares valued at RM18.65 million.
HwangDBS Vickers Research said after hitting (and retreating from) the resistance target of 1,160 yesterday, we expect the bellwether FBM KLCI to backslide today as profit-taking activities may set in following a cumulative gain of 85 points (up 8.0%) since last Monday.
It said in a research note on July 23 that pssibly pushing the FBM KLCI lower ahead is heavyweight Tenaga amid disappointment that the government has decided not to raise electricity tariffs for now (its share price has run up 6.3% over five days in anticipation of a probable tariff hike).
On the other hand, HwangDBS Vickers research said listed companies related to Ananda Krishnan – namely Astro, Tanjong, Measat – will likely come under watch today after Prime Minister Datuk Seri Najib Razak urged the tycoon to re-list his telecommunication operation under Maxis on the Malaysian bourse the soonest possible.
Nestle was the top loser, down 25 sen to RM31.50.
Tenaga declined 20 sen to RM8.20 despite the stronger earnings due to the forex translation gains also. Tenaga-CM fell four sen to 68 sen.
Datuk Seri Najib Razak said on July 22 the Cabinet had not made any decision on tariff hike for Tenaga Nasional Bhd but it would look into this as the price of natural gas had increased.
However, Astro and Measat added four sen each to RM3.42 and RM2.14.
Thursday, 23 July 2009 09:22
KUALA LUMPUR: Tenaga shares fell in early trade on July 23 after it was unable to get the tariff hike while Measat and Astro rose after the Prime Minister said he wanted the relisting of Maxis Communications.
At 9.09am, the FBM KLCI fell 5.57 points to 1,142.93 tracking the overnight decline of the 30-stock Dow Jones Industrial Average. Turnover was 14.04 million shares valued at RM18.65 million.
HwangDBS Vickers Research said after hitting (and retreating from) the resistance target of 1,160 yesterday, we expect the bellwether FBM KLCI to backslide today as profit-taking activities may set in following a cumulative gain of 85 points (up 8.0%) since last Monday.
It said in a research note on July 23 that pssibly pushing the FBM KLCI lower ahead is heavyweight Tenaga amid disappointment that the government has decided not to raise electricity tariffs for now (its share price has run up 6.3% over five days in anticipation of a probable tariff hike).
On the other hand, HwangDBS Vickers research said listed companies related to Ananda Krishnan – namely Astro, Tanjong, Measat – will likely come under watch today after Prime Minister Datuk Seri Najib Razak urged the tycoon to re-list his telecommunication operation under Maxis on the Malaysian bourse the soonest possible.
Nestle was the top loser, down 25 sen to RM31.50.
Tenaga declined 20 sen to RM8.20 despite the stronger earnings due to the forex translation gains also. Tenaga-CM fell four sen to 68 sen.
Datuk Seri Najib Razak said on July 22 the Cabinet had not made any decision on tariff hike for Tenaga Nasional Bhd but it would look into this as the price of natural gas had increased.
However, Astro and Measat added four sen each to RM3.42 and RM2.14.