#Hot Stocks* Tenaga, other GLCs buoyed by window dressing

KUALA LUMPUR (Dec 12) : Share price of utility provider Tenaga Nasional Bhd (TNB) rose by 8 sen in early morning trade to RM7.00 per share before easing back to RM6.95 per share, or 0.43% higher than yesterday's closing price of RM6.92, as window dressing by government investment firms starts.

The stock was among the most actively traded by volume this morning with about 4.86 million shares transacted.

Analysts covering the stock are of the opinion that government investment firms have been buying up shares in large cap government-linked companies (GLCs) including TNB over the past few days.

Government investment firms such as Khazanah Nasional Bhd and Permodalan Nasional Bhd were among the largest shareholders of GLCs.

Other large cap GLCs also showed strength in share price this morning, led by telecommunication provider Telekom Malaysia Bhd (TM) and its associate Axiata Group Bhd.

TM and Axiata added 11 sen or 1.94% and 4 sen or 0.63% to their share price respectively, which were at RM5.79 and RM6.37 respectively as at 10.50 am.

Reuters reported yesterday that Khazanah is selling up to USD133 million of its stake in TNB at RM6.75 and RM6.80 per share, which is about 2.6% to 4% less than the current share price.

The sale, representing 1% of TNB's capital base will reduce Khazanah's stake in the power producer to 34%.

"I don't think the share price increase is because of the news (Khazanah selling TNB's stake). I think this is more a window dressing by the government investment firms, since it is approaching year end and they want to prop up the market," commented an analyst with a local broker over the phone with theedgemalaysia.com.

Other big cap GLCs which posted higher share price today included Petronas Chemical Bhd and UEM Land Holdings Bhd.

The subsidiary of state oil and gas company Petronas added 4 sen or 0.66% to RM6.06 while the largest property developer by market value and land bank added 2 sen or 0.94% to RM2.15 with 2.44 million shares done as at 11 am.

The benchmark FTSE Bursa Malaysia KLCI has had several days of decent gains, after bottoming at 1,598.77 on Nov 27, 2012, which was the lowest since June 28, 2012. Since then, the benchmark has increased by 3.02% approximately in six trading days.

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2585+0.003+0.24%
    USDSGD=X
    1.7361+0.0013+0.08%
    EURSGD=X
    2.1107+0.0041+0.19%
    GBPSGD=X
    81.5412-0.1327-0.16%
    SGDJPY=X
    6.1608-0.0148-0.24%
    SGDHKD=X
    2.5978-0.0033-0.13%
    SGDMYR=X
    9,242.1162-57.5684-0.62%
    SGDIDR=X
    4.9611-0.0076-0.15%
    SGDCNY=X
    1.1652-0.0008-0.07%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,273.80-10.80-0.84%
    GCM14.CMX
    19.17-0.27-1.38%
    SIK14.CMX
    92.88+1.82+2.00%
    ^XAU
    3.10+0.04+1.29%
    HGK14.CMX
    101.79+0.35+0.35%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.77+0.02
    ^FVX
    2.720.00
    ^TNX
    3.500.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.123+0.001+0.82%
    B22.SI
    0.15+0.008+5.63%
    545.SI
    0.635+0.040+6.72%
    5WH.SI
    0.615+0.005+0.82%
    E5H.SI
    1.355+0.005+0.37%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    20.00+4.200+26.58%
    K6S.SI
    1.215+0.190+18.54%
    S53.SI
    0.415+0.045+12.16%
    570.SI
    1.345+0.130+10.70%
    5DA.SI
    0.154+0.014+10.00%
    5GD.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.053-0.059-52.68%
    5TF.SI
    1.62-0.520-24.30%
    N02.SI
    0.20-0.020-9.09%
    E94.SI
    0.179-0.013-6.77%
    567.SI
    0.30-0.020-6.25%
    508.SI