Sapura Energy falls to record low at 25.5 sen, tops Bursa active list

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KUALA LUMPUR (Jan 31): Sapura Energy Bhd's share price fell as much as 1.5 sen or 5.55% today to a record low at 25.5 sen this morning despite the rise in oil prices.

The oil and gas support services provider's rights shares, warrants (SAPNRG-WA) and Islamic redeemable, convertible preference shares (RCPS-i) had started trading on Bursa Malaysia on Jan 29.

At 10.26am, shares of Sapura Energy pared some of its loss to trade at 26.5 sen, its highest so far this morning. The counter saw some 132.22 million shares changing hands, and was most actively traded stock at Bursa Malaysia.

Meanwhile, SAPNRG-WA was unchanged at 10.5 sen, trading between 9.5 sen and 11 sen today. It saw some 34.72 million warrants traded.

Oil prices extended gains, with Brent crude futures at US$62.19 (RM254.39) per barrel, while US West Texas Intermediate (WTI) crude futures gained 0.7% at US$54.61.

Reuters reported that oil prices edged up on Thursday to extend gains into a third session, with widely watched data showing signs of tightening supply in the United States.

US crude oil stockpiles climbed less than expected last week due to a drop in imports, while gasoline and distillate inventories fell as refiners slowed production, the Energy Information Administration said on Wednesday, according to the newswire.

"Crude inventories rose 919,000 barrels in the week to Jan 25, compared with analyst expectations for an increase of 3.2 million barrels. Net US crude imports fell last week by 1 million barrels per day," it added.