Quick take: Hibiscus rises 5% as oil prices jump to 1-year high


KUALA LUMPUR: Shares in Hibiscus Petroleum Bhd rose over 5% in early trade Monday, tracking a jump in oil prices.

The oil and gas exploration and production company added 5.84%, or four sen to 72.5 sen, its highest in two weeks with over 24 million shares done.

Reuters reported that Brent crude futures jumped above US$70 a barrel on Monday for the first time since the Covid-19 pandemic began.

Brent crude futures for May reached US$71.16 a barrel in early Asian trade and were at US$70.76 a barrel by 0036 GMT, up US$1.40, or 2%.

Rakuten Trade Research said Hibiscus’ share price rebounded from a low of 63.5 recently in tandem with the recovery of global crude oil prices.

“From technical readings, RSI started to point upward indicating encouraging buying momentum as we expect share price to trend higher being one of the potential oil price recovery play,” it said.

Rakuten said the resistance levels were projected at 76.5 sen (R1) and 91 sen (R2).

“For downside, support levels are identified at 62.5 sen (S1) and 60 sen (S2),” it added.

Meanwhile, Bursa Malaysia’s Energy Index rose 53.62 points, or 5.64% to 1,005.13, its highest since March 2020.

Sapura Energy Bhd, Velesto Energy Bhd, KNM Group, Bumi Armada and Alam Maritim are among the top active counters on Bursa Malaysia.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
   

Next In Business News

TRC Synergy secures RM43mil submarine jetty maintenance job
MR DIY remains on track for growth in 2021
Jalil Rasheed sets path to BCorp revival, plans RM5bil non-core asset sale
UWC records RM24mil profit in Q3, factories running at 60% capacity during lockdown
VS Industry posts best-ever quarterly profit as revenue tops RM1bil
Luno sees RM4.11b of transactions so far this year
Tenaga, Petronas-linked stocks and plantations weigh
Axiata Group to seal Malaysia ops merger deal with Telenor in days
Axiata says its digital businesses to be profitable by 2022
MICG: EY advice limited to issues raised by KPMG in Serba Dinamik audit

Stories You'll Enjoy


Vouchers