Hot Stocks Oil & gas related stocks fall as oil price takes a beating
Page 1 of 1
Hot Stocks Oil & gas related stocks fall as oil price takes a beating
- Hot Stocks
Oil & gas related stocks fall as oil price takes a beating
By Gho Chee Yuan / theedgemarkets.com | December 8, 2015 : 1:10 PM MYTKUALA LUMPUR (Dec 8): Shares in oil and gas related stocks on Bursa Malaysia fell in the morning session today in line with most global energy stocks after crude oil prices remained near 7-year lows.
Oil prices took a beating overnight after the Organisation of the Petroleum Exporting Countries (OPEC) failed to address a growing supply glut in a recent meeting.
Reuters reported that crude prices remained near 7-year lows on Tuesday as OPEC continues to pump near record oil to defend market share, compounding a glut that has seen hundreds of thousands of barrels produced every day in excess of demand.
The news did not bode well to Malaysia, as the falling oil prices will hurt the government income and country's economy.
At the point of writing, US Crude oil for January 2016 delivery was up 0.4% to US$37.80 per barrel, while Brent crude for January 2016 delivery was up 0.74% to US$41.03 per barrel.
In Malaysia, several oil and gas related stocks reacted negatively to the news, with Petronas Gas Bhd ([You must be registered and logged in to see this image.] Valuation: 1.10, Fundamental: 3.00) down as much as 42 sen or 1.8% to trade at RM22.90 as of 12.30pm midday break, after some 196,700 shares done, making it the top loser across the exchange.
Petron Malaysia Refining and Marketing Bhd ([You must be registered and logged in to see this image.] Valuation: 0.30, Fundamental: 1.20) shed 12 sen or 7.84% to settle at RM4.38, after 653,900 shares changed hands.
Bumi Armada ([You must be registered and logged in to see this image.] Valuation: 1.20, Fundamental: 0.40) fell four sen or 3.74% to trade at RM1.07, with a trading volume of 3.08 million shares.
Muhibbah Engineering (M) Bhd ([You must be registered and logged in to see this image.] Valuation: 0.80, Fundamental: 1.10) slid five sen or 2.11% at RM2.32, for a market capitalisation of RM1.09 billion.
SapuraKencana Petroleum Bhd ([You must be registered and logged in to see this image.] Valuation: 0.80, Fundamental: 0.65) was down one sen or 0.47% at RM2.12, after 1.67 million shares traded.
(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
Cals- Administrator
- Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
Location : global
Comments : “My plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis
Similar topics
» Stocks to watch - Muhibbah, Perisai Petroleum, MRCB, HELP, technology-related stocks
» Stocks to watch: Water-related stocks in the limelight
» Highlight Oil price fall hits O&G stocks, ringgit
» Hot Stocks Vietnam-linked stocks fall as anti-China riots continue
» SE Asia Stocks Mixed amid Fed stimulus concerns; Thai stocks fall after rate cut
» Stocks to watch: Water-related stocks in the limelight
» Highlight Oil price fall hits O&G stocks, ringgit
» Hot Stocks Vietnam-linked stocks fall as anti-China riots continue
» SE Asia Stocks Mixed amid Fed stimulus concerns; Thai stocks fall after rate cut
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum