The strength of oil prices and expectations of increased capital expenditure by Petroliam Nasional Bhd has given the shares of oil and gas services providers a huge boost.
Velesto Energy Bhd was the second most active stock traded on the bourse today with 85.75 million shares changing hands. At midday it was up 8.51% u or 2 sen to 25.5 sen before closing at 25 sen, an increase of 6.38% or 1.5 sen with a market capitalisation of RM2.05 billion.Bumi Armada Bhd was the fourth most actively traded counter today with 78.98 million shares traded, ending up 1 sen or 1.89% to 54 sen, valuing the group at RM3.2 billion.
However, a few of the O&G stock went in the opposite direction. Dayang Enterprise Holdings Bhd’s shares were down 7 sen or 3.78% to RM1.78, giving the group a market capitalisation of RM2.06 billion. Kenanga Research, while keeping its “neutral” position on O&G industry, expressed ongoing optimism for the sector.
Petronas recorded a 13% year-to-date growth in capex for the first half ended June 30 , reaching RM21.4 billion. This marked the highest level of capex for the group since the first half of 2016.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: malaymail - 🏆 1. / 86 Read more »