Hot Stocks O&G stocks tumble as crude oil prices slide on absence of OPEC deal

by **Cals** Thu 04 Feb 2016, 08:00

Hot Stocks

[size=28]O&G stocks tumble as crude oil prices slide on absence of OPEC deal

By Meena Lakshana / theedgemarkets.com | February 3, 2016 : 12:08 PM MYT

KUALA LUMPUR (Feb 3): Oil and gas counters tumbled this morning on the back of crude oil's retreat to levels below US$30 per barrel.

Coupled with the sale of its 51% stake to Malaysian Hengyuan International Ltd at a sharp discount, Shell Refining Co Bhd was the top decliner on the local bourse this morning.

The stock declined RM1.19 or 24.09% to RM3.75, with 3.57 million shares done.

Petronas Dagangan Bhd slid to the third top decliner spot, shedding 54 sen or 2.09% to RM25.34, with 79,500 shares traded.

Petronas Gas Bhd followed suit, holding the fourth spot, after dropping 36 sen or 1.57% to RM22.54, with 148,900 shares changing hands.

Sapurakencana Petroleum Bhd fell 7 sen or 3.98% to RM1.69, with 6.55 million shares traded.

KNM Group Bhd dipped 1.5 sen or 3.12% to 46.5 sen, with 4.61 million shares done, while Uzma Bhd slipped 7 sen or 4.12% to RM1.63, with 136,500 shares changing hands.

Dayang Enterprise Holdings Bhd shed 3 sen or 2.8% to RM1.04, with 563,400 shares traded; while Alam Maritim Resources Bhd was down 1 sen or 2.74% at 35.5 sen, with 644,300 shares done.

Reuters reported yesterday that oil slumped for the second straight day, with United States (US) crude ending 5.5% lower as hopes for a deal to stem one of the worst supply glut in history continued to fade amid concerns that mild winter weather in the US will dampen demand.

Russian authorities had said that Organization of the Petroleum Exporting Countries (OPEC) kingpin Saudi Arabia had suggested a production cut to curb the global supply glut but hopes of that dimmed this week as no deal has emerged and talks between Russia's energy minister and Venezuela's oil minister on Monday failed to result in any clear plan to reduce output, the report stated.

At the time of writing, the March futures contract for West Texas Intermediate (WTI) crude oil fell 0.77% to US$29.65 per barrel while Brent crude oil declined 0.64% to US$32.51 per barrel.
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