Malaysia's energy sector performed strongly today, gaining 2.5%, driven by rising international crude oil prices. Brent crude futures surpassed US$85 per barrel, boosting investor confidence in oil and gas services and upstream companies. Velesto Energy and Hibiscus Petroleum were among the top gainers, reflecting positive sentiment.
The energy sector on Bursa Malaysia emerged as a market highlight today, gaining 2.5% and outperforming the broader market. This robust performance was primarily attributed to the sustained rise in international crude oil prices, with Brent crude futures surpassing US$85 per barrel, reaching a multi-month high. The increase in oil prices directly benefited local oil and gas service providers and upstream exploration and production companies. Among them, Velesto Energy Bhd saw its shares surge by 4.5%, while Hibiscus Petroleum Bhd also rose by 3.8%. Analysts stated that geopolitical tensions and global supply concerns continue to underpin oil prices, and the energy sector is expected to remain active in the short term. Investors are closely monitoring developments from OPEC+ meetings for further market guidance.
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