However, the O&G heavyweights were not moving up yet. Instead, actively traded on Bursa Malaysia were O&G penny stocks such as Hibiscus Petroleum Bhd, Perisai Petroleum Teknologi Bhd, Sumatec Resources Bhd, Borneo Oil Bhd, KNM Group Bhd and Reach Energy Bhd warrants. Hibiscus has been steadily climbing over the last three months. Its share price has now almost doubled from the 20-sen level in October. Hibiscus closed the day up one sen to 41 sen. Even Practice Note 17 company Perisai has almost doubled its price.

PETALING JAYA: There is a party going on in Bursa Malaysia, and the sector being extolled is the once-beleaguered oil and gas (O&G) sector.

Over the last few days, O&G stocks on Bursa Malaysia have seen some buying interest, buoyed by higher oil prices from expectations of tighter supply once the first output cut deal between the Organisation of the Petroleum Exporting Countries (Opec) and non-Opec producers in 15 years takes effect this Sunday.

Brent crude oil and WTI crude oil have rallied by some 25% since mid-November on expectations of this historic deal draining out a cumulative 1.8 million barrels of oil inventories for a total global production cut of 2%.

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