PETALING JAYA: Oil and gas (O&G) stocks on Bursa Malaysia at long last hinted at life, as financial specialists cheered that the recuperation in oil costs was at long last starting after the Organization of the Petroleum Exporting Countries' (Opec) consent to cut creation without precedent for a long time.
Be that as it may, examiners stayed careful, expecting just a fleeting addition for O&G-related stocks in response to the move, driven to a great extent by supposition as the oil value recuperation won't start overnight.
Brent unrefined petroleum costs surged more than 5% to US$48.6 a barrel in response to Opec's choice yesterday. In any case, the ascent was just impermanent after it slipped 1% in yesterday's exchanging.
Shockingly, however, the ringgit scarcely moved, and was up just somewhat to RM4.12 from RM4.13 and RM4.14 in the previous few days.
Key O&G heavyweights, for example, SapuraKencana Petroleum Bhd (SapKen) was up seven sen to RM1.57, UMW Oil and Gas Corp Bhd increased two sen to 89.5 sen while Bumi Armada Bhd was up three sen to 72 sen.
In the interim, littler players like Sumatec Resources Bhd, KNM Group Bhd, Daya Materials Bhd and Hibiscus Petroleum Bhd topped the volume list.
MIDF Investment Research examiner Aaron Tan said the business sector development was an automatic response.
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