Oil stocks run out of gas
PETALING JAYA: The strong recovery enjoyed by oil and gas (O&G) stocks since the start of the year seems to have come to an abrupt halt.
O&G counters have seen a sharp fall over the past few days, as investors took profit and appeared to be taking a breather from the sector while waiting for the companies to deliver their earnings.
Prior to this, some local O&G counters saw their share prices shooting up by over 200% in the past three months, boosted by the recovery in crude oil prices as well as Petroliam Nasional Bhd’s (Petronas) plans to raise its capital expenditure (capex) this year.
Among the counters that has seen a dip in recent days after recording a spectacular rise during the year-to-date period is Dayang Enterprise Holdings Bhd.
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