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KUALA LUMPUR (March 11): MIDF Research has upgraded the oil and gas sector to positive as it sees the upstream and downstream sub-segments will benefit from the recent oil price rally.
Its analyst Noor Athila Mohd Razali said in a note today that the higher oil prices would benefit the sub-segments in terms of potential new contract awards, rising product prices and spread for downstream industry players.
“Despite the absence of revision in exploration and production (E&P) capital expenditure spending from the oil majors, we opine that the recovery narrative for the sector remains on track given that a more selected spending approach will result in a more sustained recovery and significant uptick in activities within the oil and gas sector is expected to take place in the second half of 2021.
KUALA LUMPUR (March 2): The FBM KLCI closed higher by 0.17% or 2.73 points as investors engaged in stock-picking amid sector rotational play, while the positive sentiment generated from Wall Street’s overnight surge has also spilt over to the local market.
At 5pm, the benchmark index closed at 1,569.87 points. Today, the index had only been trading in the positive territory throughout the trading session, ranging between 1,568.67 and 1,583.43.
Among the 30 FBM KLCI constituents, 18 stocks were higher, nine were lower while three traded flat. Gains were led by IHH Healthcare Bhd, which jumped 21 sen or 3.97% to RM5.50, followed by Dialog Group Bhd and MISC Bhd.
Maybank IB said its key buy calls are on these stocks – Dialog Group Bhd, Icon Offshore Bhd, Malaysia Maring and Heavy Engineering Holdings Bhd, Wah Seong Corp Bhd and Yinson Holdings Bhd.
PETALING JAYA: Analysts have become more optimistic on the crude oil price outlook, thus raising their price forecasts on the commodity.
Maybank Investment Bank Research (Maybank IB) in its report said it had raised its crude oil price assumption to US$55-US$60 per barrel for 2021 from US$45-US$50 per barrel before.
“Our revised estimates are generally in line with consensus (EIA & Fitch Solutions: US$53 per barrel). A more promising Covid-19 vaccine development/outlook and the effect of underinvestment kicking in could further elevate optimism in the oil market, ” Maybank IB said.
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