Friday 29 Mar 2024
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KUALA LUMPUR (March 12): Bumi Armada Bhd and Alam Maritim Resources Bhd topped Bursa Malaysia's energy index at the afternoon break today after gaining 9.09% each as crude oil prices rose, spurred by Saudi Arabia Energy Minister Khalid al-Falih's comment that an end to OPEC-led supply cuts was unlikely before June.

Such sentiment helped the energy index — up 2.43% — rise the most among the bourse's indices.

"The Saudis continue to take a proactive approach to get supply and demand in better balance," Reuters quoted Andrew Lipow, president of Lipow Oil Associates in Houston, as saying.

At 12:30pm today, Bumi Armada shares settled 1.5 sen higher at 18 sen after 75.16 million shares exchanged hands. Alam Maritim rose one sen to 12 sen with 8.53 million shares traded.

The 28-stock energy index climbed 24.45 points or 2.43% to 1,029.87, surpassing the FBM KLCI's 7.45-point or 0.45% rise at 1,672.08.

Across Bursa Malaysia, 1.72 billion shares worth RM1.01 billion were traded as oil and gas related securities rose and dominated the exchange's most-active list.

Sapura Energy Bhd was the most-actively traded stock on the local bourse followed by Velesto Energy Bhd.

Sapura Energy saw a turnover of 170.28 million shares while Velesto registered a total volume of 114.39 million shares. Sapura Energy shares settled up one sen or 3.17% at 32.5 sen while Velesto rose 2.5 sen or 8.93% to 30.5 sen.

In crude oil markets, Reuters reported that US West Texas Intermediate (WTI) crude oil futures were at US$56.97 per barrel at 0054 GMT, up 18 cents or 0.3% from their last settlement. Brent crude futures were at US$66.75 per barrel, up 17 cents or 0.3%.

Overnight, it was reported that Brent crude futures were up 84 cents or 1.28% to settle at US$66.58 a barrel. It was reported that WTI crude futures rose 72 cents to settle at US$56.79 a barrel, also for a 1.28% gain.

Oil prices rose after Falih was quoted as saying on Sunday it would be too early to change a production curb pact agreed by OPEC and allies including Russia before the group's meeting in June.

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