KUALA LUMPUR: Refiners Hengyuan Refining
Co Bhd and Petron Malaysia Refining & Marketing Bhd, which had been rallying as crude oil prices climbed, were among the top losers in late afternoon trade on Monday.
Hengyuan was the top loser, down RM1.48, or 8.77% to RM15.40 with 9.74 million shares traded. Its call warrants, Hengyuan-CA fell 20 sen to RM1.19, CB lost 23 sen to RM1.12 while CD was down 20 sen to RM1.05
Petron, which is the fourth top loser, fell 38 sen to RM12.80 with 813,700 shares done.
Reuters reported that oil prices held closely below December 2014 highs on Monday, supported by production cuts by OPEC and Russia, although the market was capped by a rise in U.S. and Canadian drilling activity that points to higher future output in North America.
Brent crude oil futures rose to US$70 a barrel on Monday, supported by cuts led by OPEC and Russia, although they dipped back to US$69.80 a barrel by 0739 GMT, down 6 cents from their last close as the rise in North American drilling weighed.
U.S. West Texas Intermediate (WTI) crude futures were at US$64.35 a barrel, up 5 cents from their last settlement.
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