KUALA LUMPUR: Shares of TENAGA NASIONAL BHD [] advanced in early trade on Monday, April 12 after the recent earning upgrade and also expectations it would benefit from a stronger ringgit.
At 9.44am, it was up 30 sen to RM8.81. There were 1.02 million shares done.
Its gains helped nudge the FBM KLCI up 8.54 points to 1,342.52. Turnover was 185.69 million shares done valued at RM174.03 million. There were 269 gainers, 97 losers and 196 stocks unchanged.
AmResearch had on April 6 reiterated its BUY call on Tenaga Nasional with a higher fair value of RM10.00 a share.
"We expect Tenaga's 2QFY10 results, which will be announced on April 29, 2010, to be stronger than expected due to a sharp rebound in electricity demand growth while coal costs remain under control," it said.