Tenaga shares recoup some loss, seen as oversold

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KUALA LUMPUR (Dec 5): Tenaga Nasional Bhd gained as much as 1% today after falling 68 sen or 4.9% to RM13.10 yesterday on profit-taking by foreign funds.

Today, Tenaga rose as much as 12 sen to RM13.22 before reducing gains. At 10.33am, the stock was traded at RM13.16 with 812,900 units traded.

For comparison, the KLCI fell 1.9 points or 0.1%.

Tenaga, one of the 30 FBM KLCI component stocks, had earlier traded among Bursa Malaysia top gainers.

In a report today, Kenanga Investment Bank said Tenaga shares were oversold.

Kenanga said the oversold condition could lead to a reversal in Tenaga's share price performance.

"We advocate investors to be on the alert for entry opportunity once the share price hits multiple-month support level of RM12.65, while the oversold technical condition of the momentum indicators may suggest a reversal in near future," Kenanga said.