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Tenaga Nasional at 20-year high of RM12.08
by Cals Fri 14 Feb 2014, 17:21
Published: Friday February 14, 2014 MYT 4:54:00 PM
Updated: Friday February 14, 2014 MYT 4:56:32 PM
Tenaga Nasional at 20-year high of RM12.08
BY JOSEPH CHIN
KUALA LUMPUR: Shares of power giant Tenaga Nasional climbed to a record high of RM12.08 in late Friday trade on strong fund buying on improving outlook for the company.
At 4.33pm, it was up 16 sen to RM12.02. There were 9.52 million shares done at prices ranging from RM11.82 to RM12.08.
The highest it scaled was on Dec 31, 1993 when it closed at RM12.32.
The FBM KLCI rose 2.49 points to 1,819.64. Turnover was 2.16 billion shares valued at RM1.76bil. There were 486 gainers, 295 losers and 313 counters unchanged.
Tenaga chief executive officer Datuk Seri Azman Mohd said the company was looking to maintain its positive performance for the current financial year ending Aug 31, 2014, following the better first quarter results.
He was quoted saying on Wednesday that the implementation of the Incentive Based Regulation (IBR) coupled with several measures put in place by the company would help ensure that it maintained this performance.
CIMB Equities Research maintained its Overweight recommendation on Malaysia's power sector as gains from reforms, like tariff hikes, would further increase the stability of earnings and cashflows for the sector.
It said on Tuesday Tenaga remains its top sector pick as it is the main beneficiary of the sector reforms. Its target price for the power giant is RM14.14.
Updated: Friday February 14, 2014 MYT 4:56:32 PM
Tenaga Nasional at 20-year high of RM12.08
BY JOSEPH CHIN
KUALA LUMPUR: Shares of power giant Tenaga Nasional climbed to a record high of RM12.08 in late Friday trade on strong fund buying on improving outlook for the company.
At 4.33pm, it was up 16 sen to RM12.02. There were 9.52 million shares done at prices ranging from RM11.82 to RM12.08.
The highest it scaled was on Dec 31, 1993 when it closed at RM12.32.
The FBM KLCI rose 2.49 points to 1,819.64. Turnover was 2.16 billion shares valued at RM1.76bil. There were 486 gainers, 295 losers and 313 counters unchanged.
Tenaga chief executive officer Datuk Seri Azman Mohd said the company was looking to maintain its positive performance for the current financial year ending Aug 31, 2014, following the better first quarter results.
He was quoted saying on Wednesday that the implementation of the Incentive Based Regulation (IBR) coupled with several measures put in place by the company would help ensure that it maintained this performance.
CIMB Equities Research maintained its Overweight recommendation on Malaysia's power sector as gains from reforms, like tariff hikes, would further increase the stability of earnings and cashflows for the sector.
It said on Tuesday Tenaga remains its top sector pick as it is the main beneficiary of the sector reforms. Its target price for the power giant is RM14.14.
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