THE benchmark Kuala Lumpur Composite Index fell for a second day, losing 3.55 points, or 0.4 per cent, to 874.75 at 9:33 am, set for the biggest decline since March 12. March index futures rose 0.1 per cent to 877.50.
Kencana Petroleum Bhd rose 0.8 per cent to RM1.21, headed for the highest level since February 24. The oil and gas services provider said profit in the fiscal second quarter ended January 31 rose 26 per cent to RM27.3 million (US$7.5 million) from a year earlier as contract costs declined.
Tenaga Nasional Bhd dropped 1.6 per cent to RM6.10, set for the biggest decline in more than a week, after RHB Research Institute Sdn Bhd lowered the stock’s target price to RM8.60 from RM9. Electricity demand will shrink 3.5 per cent in fiscal 2009, RHB said in a report today, cutting its forecast for a 1.5 per cent contraction.
TM International Bhd, Malaysia’s state-controlled mobile-phone operator, slumped 11 per cent to RM2.33, on course for the steepest drop since March 2, after it priced its rights issue shares at a 57 per cent discount to the stock’s previous close.
The company is offering 4.69 billion new shares at RM1.12 each, less than half the stock’s closing price of RM2.61 on March 23. The stock was suspended yesterday. TA Enterprise Bhd declined 3.2 per cent to 61 sen, set for the largest drop since March 10.
The brokerage and property group said it had a quarterly loss because of provisions for bad debts and a writedown in the value of its investments. The company reported a loss of RM25.6 million in the fiscal fourth quarter ended January 31, compared with a profit of RM38.4 million a year earlier, it said in a statement. - Bloomberg