In recent developments, investors have shown increasing interest in certain oil and gas (O&G) linked counters on Bursa Malaysia, the Malaysian stock exchange. There has been noted activity in several stocks trading at or near their one-year high. This increased market activity suggests a resurgence in investor confidence within the O&G sector, despite ongoing global economic challenges.
1. Investors are showing an increasing interest in certain oil and gas (O&G) linked counters on Bursa Malaysia, the Malaysian stock exchange.
2. Several stocks on Bursa Malaysia are trading at or near their one-year high, suggesting a resurgence in investor confidence in the O&G sector.
3. Despite ongoing global economic challenges, O&G companies have seen a significant increase in trading activity.
4. Investors, mainly, are betting on the recovery of slumped oil prices as restrictions related to the coronavirus pandemic worldwide begin to lift.
5. Certain notable stocks including Hibiscus Petroleum Bhd, Bumi Armada Bhd, and Sapura Energy Bhd have recorded significant trading volumes, reflecting the speculative interest in Bursa Malaysia’s O&G counters.
As of late September 2021, shares in oil and gas companies listed on Bursa Malaysia were trading at 71.4% of their highest levels in the past 52 weeks.
Several O&G companies have seen an impressive upswing in trading activity. This comes at a time of increased bullish sentiment in the global oil and gas sector. Specifically, shares of O&G contractors operating in the upstream sector have found favor among investors. They are banking on slumping oil prices recovering as coronavirus pandemic restrictions begin to lift worldwide. Notable stocks include Hibiscus Petroleum Bhd, Bumi Armada Bhd, and Sapura Energy Bhd, which recorded significant trading volumes, largely reflecting the speculative interest in Bursa Malaysia’s O&G counters.