Tenaga Nasional Leads Losses
April 27, 2011
The Kuala Lumpur Stock Exchange composite index lost 6.52 to 1096.04 on volume of 154.9 million shares. Decliners led gainers 340 to 172, with 163 issues unchanged. The broader Emas Index lost 1.33 to 314.66, while the Second Board Index of smaller shares shed 2.56 to 478.34. National electric utility Tenaga lost 10 sen to 8.95 ringgit. The company has been under pressure recently ever since a blackout across peninsular Malaysia April 15, 2011 widespread uncertainty about the company and a bearish mood on the market. The mood toward Tenaga worsened further Thursday after Moody's downgraded the utility's senior unsecured debt to ``negative'' from ``stable.'' Moody's currently rates Tenaga's senior unsecured debt single-A-1. Moody's said the blackout endangered the company's ability to raise tariffs and pass on the increased cost of wholesale power supplied by independent power producers to its customers. Meanwhile, Telekom Malaysia shed 30 sen to 21.80 ringgit.
