TM among top losers after broadband price cut announcement

TM shares sank 35 sen or 9.64% to RM3.28 this morning from yesterday's close of RM3.63.

Telekom Malaysia Bhd (TM). (Telekom Malaysia pic)

KUALA LUMPUR: Telekom Malaysia Bhd (TM) was the third biggest loser on Bursa Malaysia this morning, following news that Malaysia’s broadband price is expected to fall by at least 25% by year-end.

At 10.05am, shares of the telecommunications giant sank 35 sen or 9.64% to RM3.28 from yesterday’s close of RM3.63 with 22.14 million shares changing hands.

At the opening bell, TM opened two sen lower at RM3.61.

Yesterday, Communications and Multimedia Minister Gobind Singh Deo said the price adjustment followed the implementation of the mandatory standard on access pricing from June 8 this year.

“The relevant parties are now in discussions on setting the wholesale price and processes which are expected to be rolled out in July or August, during which cheaper broadband packages will be offered to consumers,” he said.

He added that discussions would be held among telcos on whether rebates are to be given to customers. -FMT