TENAGA Nasional Bhd (TNB) stock is under pressure today after Khazanah Nasional Bhd trimmed its holdings in the utility company last week.

Since trade resumed this morning, TNB stock has been in the red, continuing Friday’s sell-off, following the national sovereign fund’s disposal of 1.3% of its stake.

As at 10.31am, TNB’s share price declined eight sen to RM12.08 since the opening, with 2.92 million units transacted.

It is not the first time Khazanah has reduced its holdings in the company, with a similar exercise conducted last April. However, the fund remains TNB’s largest shareholder.

According to Bloomberg equity data over the past six months, TNB’s share price has declined RM1.92 per unit from RM14 to RM12.08, with market capitalisation standing at RM69.15 billion. – Bernama, April 27, 2020.