Bearish oil weighs on Malaysian O&G stocks
PETALING JAYA: Upstream oil and gas (O&G)-related stocks fell yesterday and will continue to be under pressure on bearish oil prices.
Petron Malaysia Refining & Marketing Bhd slid 24 sen to RM7.10, while Hengyuan Refining Co Bhd dropped 23 sen to RM4.92 against a slight gain in Bursa Malaysia’s benchmark FBM KLCI, which closed 1.86 points higher at 1,777.43.
Other O&G-related counters that fell included Petronas Dagangan Bhd, the retail arm of Petroliam Nasional Bhd (Petronas), which was down 60 sen to RM24.18, and Sapura Energy Bhd, an oilfield services company which saw its shares closing four sen lower at RM1.57.
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