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Fitch Ratings' move to downgrade the outlook for Malaysia weighed on investors' confidence, sparking off a selling of bank stocks on Wednesday but analysts said any selldown would provide an opportunity to buy.
KUALA LUMPUR: Malaysia’s largest special-purpose acquisition company (SPAC) Sona Petroleum Bhd is looking at a few proposals, among them from African exploration and production vendors, to make its first qualifying asset (QA) either in the late development or production life cycle of the oil and gas (O&G) sector.
Selling pressure on CIMB and Maybank pushed the FBM KLCI into the red at the close of market on Tuesday while Sona Petroleum shares and warrants closed higher on its trading debut.
Sona Petroleum Bhd opened flat at 42.5 sen, which was the reference price when it made its debut on Bursa Malaysia on Tuesday.