Thursday 28 Mar 2024
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KUALA LUMPUR (June 3): Most oil counters dipped into the red in active trade today as oil price continued to slight for the third day, amid investors concern over threat of US trade tariffs against oil producer Mexico.

At 11am, Bursa Malaysia Energy Index was down 1.79%, after Brent crude oil benchmark futures fell 1.5% to US$61.06/bbl.

Hibiscus Petroleum Bhd topped Bursa Malaysia’s most active list, as it fell 5.5 sen or 5.29% at 98.5 sen.

Also topping the actives list include Sapura Energy Bhd (down half a sen or 1.69% to 29 sen), Bumi Armada Bhd (down half a sen or 2.5% to 19.5 sen) , and KNM Group Bhd (down half a sen or 2.63% to 18.5 sen).

Other counters on the decline include Serba Dinamik Holdings Bhd, which fell six sen or 1.46% to RM4.04. Carimin Petroleum Bhd fell three sen or 4.38% to 65.5 sen, followed by Petra Energy Bhd — down 2.5 sen or 3.76% to 64 sen; and Perdana Petroleum Bhd — which was down two sen or 6.15% to 30.5 sen.

Meanwhile, counters that bucked the trend include Yinson Holdings Bhd — still up five sen or 1.01% at RM4.98, as well as Wah Seong Corp Bhd — which inched one sen or 1.49% higher at 68 sen.

Oil price slumped under a double whammy in the final week of May, beginning with trade war concerns as China hinted at restricting rare earths exports to the US, possibly escalating the trade war between both countries.

Weak economic data from China that followed, further added concerns over global economy and consequentially oil prices.

Concurrently, US President Donald Trump had during last week, threatened to impose a 5% tariff against all Mexican goods beginning June 10, with possibility to rise to 25%, if Mexico fails to address the ‘illegal immigrants crisis’ to the US.

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