Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 4): Oil and gas (O&G) counters dominated the list of top gainers today as oil prices advanced after the Organization of the Petroleum Exporting Countries+ (OPEC+) reached a deal on 2021 oil output cuts.

Hengyuan Refining Company Bhd, the top gainer this morning, surged as much as 52 sen or 11.13% to RM5.19. At 11.27am, the counter had pared some gains at RM5.16, still up 49 sen or 10.49%.

Petron Malaysia Refining & Marketing Bhd also jumped as much as 34 sen or 7.98% to RM4.60, making it the second top gainer on the bourse this morning.

At 11.28am, the counter had pared some gainers at RM4.55, still up 29 sen or 6.81%.

Yinson Holdings Bhd and UMW Holdings Bhd were also among the top gainers. Yinson rose as much as 16 sen or 3.02% to RM5.46, while UMW increased as much as 17 sen or 5.57% to RM3.22.

At 11.28am, Yinson was up 14 sen or 2.64% at RM5.44, while UMW was up 16 sen or 5.25% at RM3.21.

Brent crude oil prices rose 0.94% to US$49.65 (RM201.78) today after OPEC+ agreed to ease output cuts more gradually than previously expected, adding 500,000 barrels a day in January, a quarter of earlier expectations.

In a note today, Maybank Investment Bank Research analyst Liaw Thong Jung said with oil prices now sustained at above US$40 per barrel, nearing US$50 per barrel, the O&G sector is slowly moving towards a recovery.

Meanwhile, Fitch Solutions recently revised its crude oil price forecast for 2021 higher to US$53 per barrel, from US$48 per barrel, with global growth rebounding on vaccine uptake and Covid-19 headwinds easing through the year. 

Edited BySurin Murugiah
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