Rising crude oil prices a boon for O&G stocks

The strength of oil prices and expectations of increased capital expenditure by Petroliam Nasional Bhd has given the shares of oil and gas services providers a huge boost.

Velesto Energy Bhd was the second most active stock traded on the bourse today with 85.75 million shares changing hands. At midday it was up 8.51% u or 2 sen to 25.5 sen before closing at 25 sen, an increase of 6.38% or 1.5 sen with a market capitalisation of RM2.05 billion.Bumi Armada Bhd was the fourth most actively traded counter today with 78.98 million shares traded, ending up 1 sen or 1.89% to 54 sen, valuing the group at RM3.2 billion.

However, a few of the O&G stock went in the opposite direction. Dayang Enterprise Holdings Bhd’s shares were down 7 sen or 3.78% to RM1.78, giving the group a market capitalisation of RM2.06 billion. Kenanga Research, while keeping its “neutral” position on O&G industry, expressed ongoing optimism for the sector.

Petronas recorded a 13% year-to-date growth in capex for the first half ended June 30 , reaching RM21.4 billion. This marked the highest level of capex for the group since the first half of 2016.

Source: News Formal (newsformal.com)

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