OIL prices may be on the rise but so far that has had little impact on local oil and gas (O&G) counters. Bursa Malaysia’s Energy Index has declined 8% or 64 points to 735.59 points over the last one year.
KUALA LUMPUR: Bursa Malaysia headed into the red at the opening bell as the pullback in equities seen in US markets dampened the local investor sentiment.
Shares of Malaysian oil and gas (O&G) companies saw renewed interest this week, as international benchmark Brent crude temporarily topped the psychological barrier of US$80 per barrel on Tuesday due to rising energy undersupply concerns. The Bursa Malaysia Energy Index retreated slightly on Wednesday after a two-day jump, coming off a three-year high. However, the index is still up 4.82% from last Friday’s closing.