Malaysia's energy sector performed strongly last week, with its index rising 1.5%, buoyed by an increase in international oil prices. Petronas Gas Bhd saw its share price climb 1.8%, and other oil and gas service companies also generally trended higher. Analysts anticipate that oil prices will continue to support the sector amidst tight supply and recovering demand.
Last week, Malaysia's energy sector displayed robust performance, positively impacted by rising international crude oil prices. Brent crude futures breaking above US$85 per barrel provided a significant boost to the sector. The FBM Energy Index surged 1.5% for the week, making it one of the best-performing sectors. Blue-chip stock Petronas Gas Bhd saw its share price climb 1.8% to RM17.20, while oil and gas services and equipment companies such as Velesto Energy and Hibiscus Petroleum also recorded notable gains. Analysts believe that demand growth stemming from global economic recovery, coupled with supply restrictions by major oil-producing nations, will continue to keep oil prices elevated, benefiting Malaysian oil and gas-related companies. Investors are closely monitoring the upcoming OPEC+ production policy meeting.
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