Tenaga leads the drop on FBM KLCI in afternoon trades

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KUALA LUMPUR (May 22): The FBM KLCI took a dive in afternoon trades as selling pressure emerge.

At 4.02pm today, the KLCI dropped 12.66 point or 0.7% to 1,783.01 points after the market reopened from the midday break.

Tenaga Nasional Bhd leads the decline. The utility group's share price lost 42 sen or 3% to RM13.58 on trades of some nine million shares.

The share price of Sime Darby Bhd, which released its quarterly result today, also heads south, down 24 sen or 2.7% to RM8.70. The conglomerate's third quarter's net profit fell 55% to RM386 million.

CIMB Group Holdings Bhd also contributed to the fall. The banking group falls 11 sen or nearly 2% to RM5.75.

Earlier today, the market opened higher. In the absence of buying impetus, the benchmark index pares gains in late morning trades.