Energy counters remain active with downside bias despite crude oil rally

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KUALA LUMPUR: Energy stocks continued to dominate the top actives on Bursa Malaysia today but with a downside bias following what appeared to be a knee-jerk reaction to Petronas Dagangan Bhd's dismal earnings results announced last night.

This was despite crude oil prices extending their rally this morning with the world's two benchmarks, West Texas IntermediateCrude and Brent Crude, gaining 0.35% to US$31.93 and 0.11% to US$34.85 respectively.

At noon, only two out of seven oil and gas (O&G) counters on the most active list were in the green, namely Icon Offshore Bhd, whose shares were up 4% to 13 sen, and Sapura Energy Bhd, which was up 5% to 10.5 sen.

The remaining five O&G stocks were Velesto Energy Bhd (down 2.94% to RM1.65), KNM Group Bhd (down 4.17% to 23 sen), Bumi Armada Bhd (down 1.92% to 25.5 sen), Hibiscus Petroleum Bhd (0.81% to 61 sen), and Alam Maritim Resources Bhd (down 4.76% to 10 sen).

The Bursa Malaysia Energy Index shaved off 8.01 points or 0.95% to 834.2, making it the second-biggest sectoral loser after healthcare across the local bourse.