KUALA LUMPUR (Jan 16): Several small- and mid-cap energy companies on Bursa Malaysia were actively traded on Monday (Jan 16), amid the current recovery in crude oil prices.
Bursa’s energy index, however, closed the day 2.05 points lower at 820.89.
A local investment bank analyst said there is a resumption of interest in energy stocks, especially pertaining to services players, with the recovery of oil prices.
“As long as oil prices are sustained, the momentum should stay,” the analyst told The Edge.
At the time of writing, Brent crude oil was trading at US$85.02 per barrel, compared with US$80.10 on Jan 10. The US West Texas Intermediate crude oil price rose to US$79.42 a barrel, from US$75.12 on Jan 10.
Sapura Energy Bhd was the top active stock on Bursa, with 454.71 million shares changing hand. The counter closed half a sen higher at five sen, giving the company a market capitalisation of RM719.06 million.
Velesto Energy Bhd was the second most-active energy stock, with 110.01 million shares traded. The stock gained half a sen to 18 sen, valuing the company at RM1.44 billion.
Serba Dinamik Holdings Bhd, which resumed trading for the second day after a three-week suspension, was also active with a volume of 91.14 million shares. The share price of the Practice Note 17 company eased half a sen to 1.5 sen, for a market capitalisation of RM55.91 million.
Other energy stocks that were among the top 20 active counters on the local bourse were Icon Offshore Bhd, Alam Maritim Resources Bhd and KNM Group Bhd.
Icon recorded a volume of 61.36 million shares, and its share price rose half a sen to 10 sen, bringing a market capitalisation of RM256.96 million.
Alam Maritim saw 45.89 million shares traded, with its share price up half a sen to 2.5 sen. The group is valued at RM38.3 million.
KNM saw 39.39 million shares changing hands. The counter rose half a sen to five sen, bringing a market capitalisation of RM165.52 million.
However, heavyweight Dialog Group Bhd closed lower by seven sen to RM2.53, with a market capitalisation of RM14.28 billion. The counter saw 1.41 million shares traded.