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.