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RHB cuts oil & gas sector to 'neutral'

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RHB cuts oil & gas sector to 'neutral'

Post by hlk Wed 27 Jun 2012, 19:49

RHB Research cut its call on the oil and gas sector to "neutral" from
"overweight" due to weakening crude oil prices underpinned by a global
economic slowdown.

“Although domestic contract flows would
continue to support near-term earnings, we believe that the soft crude
oil prices would continue to dampen the sentiment on the sector,” RHB
said in a note on Wednesday.

The research house said further
weakening prices could cause delays in awarding new contracts which
would reduce longer-term earnings for Malaysian oil and gas service
providers.

RHB lowered its crude oil price estimates to US$95 per barrel for 2012 and 2013, from US$105 per barrel previously. -- Reuters

hlk: Moderator; Posts : 19013 Credits : 45112 Reputation : 1120
Join date : 2009-11-14
Location : Malaysia

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