TNB reverses early sell-off

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KUALA LUMPUR (July 8): Tenaga Nasional Bhd (TNB) reversed its earlier losses and clawed into positive territory, which saw its share price rise as much as 1.47%.

At 12.30pm, TNB shares climbed 1.03% or 14 sen to RM13.74, giving it a market capitalisation of RM78.02 billion. The counter saw some 1.19 million shares traded.

This morning, the state-controlled utility's shares opened lower at RM13.50, compared to a closing price of RM13.60 in the previous trading session. The shares further slid to RM13.40, before rebounding.

Malaysiakini, quoting the Energy, Science, Technology, Environment and Climate Change Ministry's parliamentary written reply dated July 3, reported today that the government is conducting a study on whether to allow new energy suppliers to come into the market, with the results to be made known soon.

It was reported that if the government decides to go ahead with the plan, this would mean TNB will no longer be the sole choice for consumers in Peninsular Malaysia to buy electricity.