O&G counters rise on higher global crude oil prices

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KUALA LUMPUR (Nov 9): Oil and Gas (O&G) stocks on Bursa Malaysia rose today, as global crude oil prices continued on an upward trajectory.

“This is largely caused by the higher global crude oil prices,” MIDF Research analyst Aaron Tan told theedgemarkets.com, adding that Brent crude oil futures are at a 2.5-year high.

On Oct 27, 2017, crude oil price broke past the US$60 per barrel level for the first time since June 2015.

As of writing, crude oil prices were at US$63.63 per barrel.

At 11.45 am, Petronas Dagangan Bhd was 12 sen higher or 0.55% to RM21.86, with 63,700 shares traded for a market capitalisation of RM21.68 billion.

Additionally, Petronas Gas Bhd rose 46 sen or 2.7% to RM17.52, with 79,000 shares traded. This brings its market capitalisation to RM33.76 billion. It was also the second top gainer on Bursa Malaysia.

Petron Malaysia Refining and Marketing Bhd’s shares were up 40 sen or 3.28% to an all-time high of RM12.60, with 362,400 shares traded, for a market capitalisation of RM3.29 billion. It is the third top gainer on Bursa Malaysia.

Meanwhile, Hengyuan Refining Company Bhd’s shares, the fourth top gainer on Bursa Malaysia, were up 25 sen or 2.69% to a five-year high of RM9.54, with 1.35 million shares exchanging hands. This brings its market capitalisation to RM2.87 billion.