Penny oil and gas stocks on the move early Thursday

KUALA LUMPUR: Penny oil and gas stocks edged higher early Thursday, with Sapura Energy leading the pack after it bagged a contract from Mubadala Development Co. which could be US$1.2bil (RM4.8bil).

Higher crude oil prices also supported the upward trend as US West Texas Intermediate (WTI) crude futures were at US$65.39 a barrel at 0021 GMT, up 22 cents. Brent crude futures were at US$69.65 per barrel, up 18 cents.

At 9.26am, the FBM KLCI was up1.98 points or 0.11% to 1,867.78.  Turnover was 370.21 million shares  valued at RM115.76mil. There were 220 gainers, 136 losers and 227 counters unchanged.

Reuters reported worries about a potential trade war between China and the United States kept gains in Asian shares in check.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3%, with South Korea's Kospi hitting six-week high, while Japan's Nikkei gained 0.2% in early trade.

Sapura Energy rose1.5 sen to  53 sen with 42 million shares done, Barakah added three sen to 28 sen, UMW Oil and Gas one sen to 31.5 sen and Daya Materials 0.5 sen to 3.5 sen. 

Petron added 11 sen to RM9.49 and Hengyuan seven sen higher at RM8.47.

Nestle was the top gainer again, up RM2 to RM134.60, Heineken and BAT eight sen higher to RM20.68 and RM28.04. Carlsberg lost six sen to RM19.02.

Public Bank added 24 sen to RM23.92, Top Glove eight sen to RM9.80 and CCM six sen to RM2.05.

Globetronics shed six sen to RM4.94 and SOP five sen lower at RM3.57.