Quick take: Oil & gas stocks dominate trading on Bursa

September 17, 2019 editor Bumi Armada, Oil & Gas, Sapura, Stock On The Move

KUALA LUMPUR: Oil and gas (O&G) related counters dominated the list of the most active stocks on Bursa Malaysia in early trade on Tuesday.

SAPURA ENERGY BHD is the most active counter, gaining 7.14%, or two sen to 30 sen with 133.7 million shares traded.

Bumi Armada, the second most traded counter, rose 4.92%, or 1.5 sen to 32 sen with 78.13 million shares done.

Hibiscus Petroleum rose 6.81%, or 6.5 sen to RM1.02 with 17.79 million shares traded while KNM rose 1.5 sen, or 4% to 39 sen.

Crude oil prices soared following a strike on the heart of Saudi Arabia’s oil production increased geopolitical risk concerns. The strike, which removed about 5% of global energy supplies, sent oil prices soaring.

The dramatic move in oil following the strike reverberated around financial markets. Haven assets including gold and Treasury futures surged on concern over the geopolitical fallout from the attacks.

Source: TheStar