KUALA LUMPUR (Nov 4): Tenaga Nasional Bhd soared as much as 1.6% to hit a fresh intraday record high after The Edge Financial Daily reported that the stock's rise still had legs.
At 11.50am, Tenaga advanced 10 sen or 0.7% to RM13.60 with more than 2.48 million shares changing hands.
Earlier, shares of the state-owned utility rose as much as 22 sen to an all-time intraday high of RM13.72. At 12.30pm, Tenaga settled at 13.62 to become Bursa Malaysia's seventh largest gainer.
For comparison, the FBM KLCI fell 7.6 points or 0.4% to settle at 1,845.74 on losses in oil and gas, besides plantation stocks.
The Edge Financial Daily reported today Tenaga's stellar set of quarterly earnings had given an extra push to its share price.
“There are still legs for the rally on TNB’s (Tenaga) share price, according to fund managers and investment analysts who track the stock, given the group’s better earnings visibility,” said the report.
According to TheEdge Markets.com, Tenaga's risk score stood at 1 on a scale of 1 to 5, with 1 being the least volatile.
Bloomberg data showed Tenaga's current share price compared to a six-month intraday low of RM11.64 on June 13, 2014.
Tenaga's fresh intraday high today followed Tenaga's record close of RM13.50 yesterday.