Refiners dominate losers list on Bursa Malaysia

KUALA LUMPUR: Refiners stocks continued to dominate Bursa Malaysia’s losers list in early trade on Tuesday amid higher crude oil prices.

Hengyuan Refining Co Bhd and Petron Malaysia Refining & Marketing Bhd have been rallying in the past months.

Hengyuan fell 5.94%, or 90 sen to RM14.24 with over 1.98 million shares traded.

Other Hengyuan securities also dominated the losers’ list on Bursa Malaysia. Hengyuan-CA declined 11.21%, or 13 sen to RM1.03.

Hengyuan-CB  eased 15.62%, or 17.5 sen to 94.5, Hengyuan-CD fell 14.35%, or 15.5 sen to 92 sen and Hengyuan-CE declined 11.72%, or 8.5 sen to 64 sen.

Petron, which is the third loser, fell 62 sen to RM12.16 with 145,000 shares done.

Oil prices hovered near a three-year high above US$70 a barrel on Monday on signs that production cuts by OPEC and Russia are tightening supplies.

International benchmark Brent crude futures last traded 25 cents lower at US$70.01 while U.S. West Texas Intermediate (WTI) crude gained 23 cents at US$64.53 a barrel.