O&G-related UMWOG and Sapura Energy active, extend gains

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KUALA LUMPUR (Jan 8): Oil and gas (O&G)-related stocks were among the most actively-traded counters this morning, as crude oil prices stayed above the US$67 per barrel level.

Hong Leong IB Research in a trader's brier this morning said O&G stocks were expected to remain active on the local bourse, should Brent crude oil prices stay above its US$67 mark.

Shares of UMW Oil & Gas Corp Bhd (UMWOG) and Sapura Energy Bhd continued their uptrend in morning trade, topping Bursa Malaysia's list of the most active counters.

As at 11.10am, UMOWG soared 12.2%, rising five sen to 46 sen, with 139.73 million shares done. Sapura Energy shares are also up 8.03% or 6.5 sen to 87.5 sen, with 142.53 million shares traded.

Hong Leong IB however also noted traders could look into cashing out on recent short term gains.

“As the market could be overheated on the local bourse with extreme volumes over the past few trading days, traders could look out for any profit-taking opportunities to lock in the recent short term gains. 

“Nevertheless, oil & gas related stocks are likely to stay active, as Brent oil managed to stay above US$67 last week,” Hong Leong IB  said.