KUALA LUMPUR: Oil and gas (O&G) related counters dominated the list of most active stocks on the local bourse in early trade Wednesday as oil prices hit three-month high.
Reuters reported that oil rose on Wednesday to a near three-month high amid optimism that major producers will extend production cuts as the world recovers from the coronavirus pandemic.
The Organization of the Petroleum Exporting Countries and others including Russia may extend production cuts of 9.7 million barrels per day (bpd), or about 10% of global output, into July or August, sources told Reuters.
Brent rose 77 cents, or 1.95% to US$40.34 while US West Texas Intermediate gained 98 cents, or 2.66% to US$37.79, the highest since early March.
Hibiscus Petroleum is the top traded counter, adding 2.92%, or two sen to 70.5 sen with 158 million shares traded.
VELESTO, the second most traded counter, rose 2.86%, or 0.5 sen to 18 sen with 110 million shares traded.
Bumi Armada added 1.96%, or 0.5 sen to 26 sen, Icon Offshore gained 7.14%, or one sen to 15 sen and KNM rose 1.89%, or 0.5 sen to 27 sen.
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