KUALA LUMPUR (April 12): Shares of Tenaga Nasional Bhd (TNB) rebounded in active trade Friday morning, erasing much of its 4.13% drop from the previous session’s selloff.

The stock gained as much as 28 sen or 2.3% to RM12.34 within the first hour of trading.

At 10.03 am, TNB shares were traded at RM12.28 – still up 22 sen or 1.82% from it’s last price – to value the utility giant at RM68.58 billion. A total of 1.15 million shares were done.

Yesterday, shares in TNB slumped to a low of RM11.80, after news broke that its major shareholder Khazanah Nasional Bhd offered to sell shares it held in the company at a discounted price under a placement deal to raise RM1.05 billion.

The index-linked stock was the largest decliner by percentage on the local bourse yesterday. It finished the day 52 sen or 4.13% lower at RM12.06, and dragged the FBM KLCI to a fresh two-year low. 

As of writing, the benchmark FBM KLCI is up a marginal 0.05% to 1,625.07 points.