O&G counters actively traded as crude oil prices recover

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KUALA LUMPUR (Jan 22): Oil and gas (O&G) counters were actively traded on Bursa Malaysia as oil prices continue on its recovery trend, improving investors sentiment.

MIDF Research analyst Noor Athila Mohd Razak told theedgemarkets.com that sentiment has been improving due to the recovery of crude oil prices which have been on an uptrend since reaching a low of some US$50 (RM206.62) per barrel at the end of last year.

At 2.15pm, Bumi Armada Bhd, which was the top active counter, was two sen or 9.09% higher at 24 sen with 415.05 million shares done, giving it a market capitalisation of RM1.41 billion. Over a year, the stock fell as much as 70.73% from 82 sen.

Sapura Energy Bhd shares were down half a sen or 1.75% to 28 sen, with 231.04 million shares changing hands, valuing it at RM4.47 billion, while Sumatec Resources Bhd was up half a sen or 100% to one sen, with 57.24 million shares traded for a market capitalisation of RM42.53 million.

Among other notable actively traded O&G counters were KNM Group Bhd and Barakah Offshore Petroleum Bhd, which saw 48.09 million and 25.3 million shares traded respectively.

As of writing, Brent crude oil was down by 1.07% at US$62.07 per barrel while the US West Texas Intermediate fell 0.99% to US$53.27.