Quick take: Oil and gas counters tumble after oil price crashes

KUALA LUMPUR: Oil and gas counters on Bursa Malaysia tumbled in early trade Monday dragged down by falling crude oil prices on an already weak market sentiment.

According to reports, oil prices crashed as much as 30% within seconds of the market opening on Sunday evening, driving crude to its lowest level in four years.

Brent crude, the international benchmark, dropped from to US$31.02 a barrel in one of the biggest one-day drops in its history. US benchmark West Texas Intermediate fell to a low of US$30 a barrel.

The steep drop for oil prices sent oil and gas counters lower on Bursa Malaysia.

SAPURA ENERGY BHD is the most actively-traded stock this morning. The counter down 25%, or four sen to 12 sen with 174.7 million shares traded.

Also actively traded is Velesto, which fell 12 sen or 40% at 18 sen, with 106 million shares exchanging hands.

Hibiscus skidded 24 sen to 47 sen, Bumi Armada lost eight sen to 20 sen and Perdana Petroleum was down 14.5 sen to 18.5 sen.

Source: TheStar