KUALA LUMPUR: ''The FBM KLCI bucked the trend at regional market and slipped into negative territory at mid-morning on Friday, July 22 as Tenaga'' Nasional Bhd's pessimistic outlook on its full-year earnings dampened investor sentiment the local bourse.
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.
The FBM KLCI slipped 1.51 points to 1,564.30 at 10am.
Gainers led losers by 214 to 152, while 209 counters traded unchanged. Volume was 256.62 million shares valued at RM297.45 million.
Asian stocks rose and the euro climbed to a two-week high on Friday after European leaders agreed on a package to rescue debt-stricken Greece and traders said gains will sustain if U.S. policymakers also manage to cobble together a last minute deal, according to Reuters.
At the regional markets, Hong Kong's Hang Seng Index rose 1.25% to 22,262.72, Singapore's Straits Times Index gained 0.92% to 3,167.33, Japan's Nikkei 225 up 0.86% to 10,096.56, South Korea's Kospi added 0.70% to 2,59.98, Taiwan's Taiex advanced 0.46% to 8,757.66 and the Shanghai Composite Index edged up 0.40% to 2,777.00.
However, strategists at The Royal Bank of Scotland in a note July 21 cautioned that details were still emerging about the shape of the European package plan to rescue Greece and that it was too early to make a definitive comment on the plan, adding that ratings agencies were also withholding comment at the present time.
BIMB Securities Research in a note July 22 said a temporary reprieve is what ensued both in the US and Europe, with the Europeans striking deal to contain Greece's debt crisis and the US lawmakers finally agreeing to an increase in the nation's debt ceiling.
These stop gap measures though is positive in the short run but we believe a longer term headache still prevails, it said.
Nonetheless, markets players welcomed such developments as seen from the 152 points surge in the Dow Jones, it said.
'Domestically, we reckon Tenaga's 3Q11 loss of RM460 million will put a dent on analysts' forecast and may see some downgrade on its figures.
'This will hamper the FBM KLCI's progression today but we expect impact to be minimised from selective accumulation on others. Upside bias intact,' it said.
Among the decliners, Tenaga fell 27 sen to RM6.25, Petronas Dagangan lost 24 sen to RM17.84, Sindora 14 sen to RM2.60. Far East and F&N 10 sen each to RM7.10 and RM19.50, LPI and JT International down eight sen each to RM13.70 and RM7.10, while YTL Cement and MHC fell five sen each to RM5.20 and RM1.25.
CI Holdings rose 51 sen to RM4.59 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.
Cypark was up 21 sen to RM2.29, BAT 20 sen to RM46.40, Lafarge Malayan Cement 18 sen to RM7.54, Panasonic and KLK 14 sen each to RM24.20 and RM21.48, MAHB 10 sen to RM6.60 and KLCCP seven sen to RM3.38.
Newly-listed Catcha Media was among the actively traded counters at mid-morning. The stock added nine sen to 84 sen with 13.32 million shares done.
Other actives included Ingenuity Solutions, Bumi Armada, HWGB, Tenaga and Kurnia Asia.
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.
The FBM KLCI slipped 1.51 points to 1,564.30 at 10am.
Gainers led losers by 214 to 152, while 209 counters traded unchanged. Volume was 256.62 million shares valued at RM297.45 million.
Asian stocks rose and the euro climbed to a two-week high on Friday after European leaders agreed on a package to rescue debt-stricken Greece and traders said gains will sustain if U.S. policymakers also manage to cobble together a last minute deal, according to Reuters.
At the regional markets, Hong Kong's Hang Seng Index rose 1.25% to 22,262.72, Singapore's Straits Times Index gained 0.92% to 3,167.33, Japan's Nikkei 225 up 0.86% to 10,096.56, South Korea's Kospi added 0.70% to 2,59.98, Taiwan's Taiex advanced 0.46% to 8,757.66 and the Shanghai Composite Index edged up 0.40% to 2,777.00.
However, strategists at The Royal Bank of Scotland in a note July 21 cautioned that details were still emerging about the shape of the European package plan to rescue Greece and that it was too early to make a definitive comment on the plan, adding that ratings agencies were also withholding comment at the present time.
BIMB Securities Research in a note July 22 said a temporary reprieve is what ensued both in the US and Europe, with the Europeans striking deal to contain Greece's debt crisis and the US lawmakers finally agreeing to an increase in the nation's debt ceiling.
These stop gap measures though is positive in the short run but we believe a longer term headache still prevails, it said.
Nonetheless, markets players welcomed such developments as seen from the 152 points surge in the Dow Jones, it said.
'Domestically, we reckon Tenaga's 3Q11 loss of RM460 million will put a dent on analysts' forecast and may see some downgrade on its figures.
'This will hamper the FBM KLCI's progression today but we expect impact to be minimised from selective accumulation on others. Upside bias intact,' it said.
Among the decliners, Tenaga fell 27 sen to RM6.25, Petronas Dagangan lost 24 sen to RM17.84, Sindora 14 sen to RM2.60. Far East and F&N 10 sen each to RM7.10 and RM19.50, LPI and JT International down eight sen each to RM13.70 and RM7.10, while YTL Cement and MHC fell five sen each to RM5.20 and RM1.25.
CI Holdings rose 51 sen to RM4.59 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.
Cypark was up 21 sen to RM2.29, BAT 20 sen to RM46.40, Lafarge Malayan Cement 18 sen to RM7.54, Panasonic and KLK 14 sen each to RM24.20 and RM21.48, MAHB 10 sen to RM6.60 and KLCCP seven sen to RM3.38.
Newly-listed Catcha Media was among the actively traded counters at mid-morning. The stock added nine sen to 84 sen with 13.32 million shares done.
Other actives included Ingenuity Solutions, Bumi Armada, HWGB, Tenaga and Kurnia Asia.
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