The recent surge in oil and gas (O&G) counters is fizzling out as new data indicates that the industry’s fundamentals still have some way to go before it catches up with the recovery in sentiment recently, say analysts.
The major downturn in equities in recent days has also wiped out a large chunk of the gains in O&G counters, which had previously rallied in line with rising crude oil prices.
Shares of SapuraKencana Petroleum Bhd (SapKen) closed at RM1.50 yesterday after rallying to a high of RM1.77 on June 8. Another large cap, Bumi Armada Bhd, retreated to 71 sen on Tuesday after having risen to 78 sen on June 9.
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The major downturn in equities in recent days has also wiped out a large chunk of the gains in O&G counters, which had previously rallied in line with rising crude oil prices.
Shares of SapuraKencana Petroleum Bhd (SapKen) closed at RM1.50 yesterday after rallying to a high of RM1.77 on June 8. Another large cap, Bumi Armada Bhd, retreated to 71 sen on Tuesday after having risen to 78 sen on June 9.
For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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