THE surge in oil and gas stocks on the KLSE appears to be losing steam – at least temporarily – as most of these counters closed substantially lower yesterday. And this dampened overall sentiment in the market, dragging the KLSE benchmark Composite Index (CI) six points lower to 736.
Profit-taking after the heavy trading volume seen last week (which ballooned to 934 million shares last Friday) also applied downward pressure on share prices, said SBB Securities senior analyst Ng Jun Sheng.
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