The energy sector gained 1.1% on Friday, boosted by rising international crude oil prices and an optimistic demand outlook in Southeast Asia. Investors are positive on the prospects of oil and gas companies, with Tenaga Nasional and Petronas Chemicals leading the charge.
Malaysia's energy sector saw active trading on Friday, gaining 1.1% to be one of the day's best-performing sectors. This surge was primarily driven by the continuous rise in international crude oil prices, with Brent crude futures trading near US$85 per barrel. Concurrently, market expectations of an economic recovery in Southeast Asia boosting energy demand also lifted investor sentiment. Tenaga Nasional rose 0.8% to RM10.50, while Petronas Chemicals gained 1.5% to RM7.80. Analysts noted that as global economic activities gradually resume, energy demand is expected to grow further, presenting better earning opportunities for oil and gas companies. However, geopolitical risks and OPEC+ production policies remain key factors influencing oil prices.
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