ASEAN KEY DESTINATIONS
Malaysian gas shortage may impact power
Shares in Malaysia's state power firm Tenaga Nasional fell as much as 3.1 percent on Monday on concerns of lower fourth quarter earnings due to a prolonged gas shortage.
Citigroup said in a note that it expected Tenaga to post a weak fourth quarter results due to concerns that a prolonged gas supply interruption could worsen, forcing the company to buy expensive fuel oils for power generation.
Shares in Malaysian planters KL Kepong and IOI Corp also fell on Monday morning trade on concerns that weaker global demand for palm oil may hurt future earnings, analysts said.
"Plantations are a cyclical business and with the bleak outlook for the global economy hitting commodity markets, palm oil firms with high exposure to overseas exports are coming under pressure," said an analyst with a local investment bank.
The country's No.2 planter IOI Corp lost as much as 2.6 percent while KL Kepong, the third largest listed palm oil firm, dropped as much as 3.6 percent.
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