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Hot Stock Sumatec jumps 5% on Kazakhstan crude oil output
by Cals Tue 28 Jan 2014, 01:50
| Hot Stock Sumatec jumps 5% on Kazakhstan crude oil output |
| Business & Markets 2014 |
| Written by Chong Jin Hun of theedgemalaysia.com |
| Monday, 27 January 2014 13:13 |
KUALA LUMPUR (Jan 27): Sumatec Resources Bhd rose as much as 5% to become the bourse's most active stock. The stock has risen after the firm said it has undertaken initial extraction of crude oil in Kazakhstan.
At 12.30pm, Sumatec settled at 31.5 sen with some 100 million shares done. The stock had earlier gained as much as 1.5 sen to 32 sen.
In a note today, RHB Research Institute Sdn Bhd technical analyst Mohammad Ashraf Abu Bakar said the firm has an immediate technical target price of 27 sen for Sumatec shares.
Kenanga Investment Bank Bhd wrote in a note that Sumatec shares' immediate technical support and resistance are seen 29 sen and 31 sen respectively.
Sumatec said it has undertaken initial extraction of crude oil reserves at its Rakushechnoye oil and gas field in Kazakhstan since last Saturday.
In a statement to Bursa Malaysia today, Sumatec said oil output is estimated at 150 barrels per day at the field which is also known as the Shelly oil field.
Trading of Sumatec shares was suspended between 9.26am and 10.26am today in conjunction with the announcement.
Sumatec said its statement is in response to a news report in Nanyang Siang Pau last Friday (January 24).
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