Quick take: Oil and gas counters boosted by oil price optimism

KUALA LUMPUR: Oil and gas (O&G) related counters dominated the list of most active stocks on the local bourse in early trade Tuesday as oil prices hit a two-month high.

Bursa Malaysia’s Energy Index rose 14.47 points, or 1.85%. Sapura Energy Bhd, Bumi Armada Bhd, KNM Group Bhd, Velesto Energy Bhd, Hibiscus Petroleum and Dayang Enterprise Holdings Bhd were the top active behind the index’s activity.

Bumi Armada rose 0.5 sen to 28 sen, Hibiscus added 3.42%, or two sen to 60.5 sen, KNM gained 0.5 sen to 20.5 sen and Dayang climbed one sen to RM1.05. Sapura Energy and Velesto were unchanged at 12 sen and 13.5 sen respectively.

Reuters reported that oil prices settled up more than 2% on Monday, extending last week's gains as the latest report of encouraging coronavirus vaccine trials had traders anticipating a recovery in demand.

Brent crude settled up US$1.10, or 2.45 % to US$46.06 a barrel while U.S. West Texas Intermediate crude gained 64 cents to US$43.06 a barrel, a 1.51% gain. Both benchmarks jumped 5% last week.

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Oil & gas , Sapura Energy , Bumi Armada , KNM , Brent , WTI


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