KUALA LUMPUR (March 10): Oil and gas (O&G) stocks saw mixed sentiment in active trade across Bursa Malaysia, as investors lacked direction with crude oil prices still hovering at lows not seen in years.

Investors turned to bargain hunting on O&G stocks that suffered heavy selling on Monday, while others continued to take profit on counters that have outperformed much in 2019.

Sentiment stayed jittery at press time, as Brent crude futures rose 7.25% to US$36.85/bbl — but still far below the previous consensus estimate of around US$45-55/bbl  for 2020.

Among sector heavyweights, MISC Bhd was the third biggest gainer on Bursa Malaysia as it rebounded from its nine-month low to rise 27 sen or 4.06% to RM6.92.

Other big gainers include Petronas Chemicals Group Bhd (up 15 sen or 3.41% to RM4.55) and Yinson Holdings Bhd (up 12 sen or 2% to RM6.12).

On the other side of the spectrum, Petronas Dagangan Bhd led Bursa Malaysia’s top losers, as the counter extended Monday’s loss to trade down 58 sen or 2.83% to RM19.92.

Investors continued with profit-taking activities in Dayang Enterprise Holdings Bhd — which gained over 400% in 2019.

The counter was the fifth biggest loser on Bursa Malaysia, as it fell another 27 sen or 17.76% to RM1.25, extending yesterday’s losses, and was also the third most active counter with 101.43 million shares traded.

Among the actives, Sapura Energy Bhd led the pack, as it rose 0.5 sen to 11 sen with 146.16 million shares traded, followed by Bumi Armada Bhd, up 1 sen to 17 sen with 110.78 million shares traded.

Other counters which had on Monday touched multi-year lows were also up in active trade on bargain hunting. They include Velesto Energy Bhd (up 0.5 sen to 16 sen), Hibiscus Petroleum Bhd (up 2 sen to 43 sen) and Perdana Petroleum Bhd (up 1 sen to 16 sen).

Meanwhile, Serba Dinamik Holdings Bhd extended losses, as it fell 5 sen or 2.7% to RM1.80, while Dialog Group Bhd rose 3 sen to RM3.06.

Today, CGS-CIMB Securities Sdn Bhd said in a note that "near-term market sentiment may be adversely impacted by concerns over slower global growth due to Covid-19, political uncertainties, and sudden collapse of crude oil prices.”

Meanwhile, Reuters reported that oil prices rose by more than US$1 on Tuesday after a price war by top producers Saudi Arabia and Russia sparked the biggest daily rout since the 1991 Gulf War, but investors saw little chance of a quick price recovery as the coronavirus cuts demand.