KUALA LUMPUR: Oil and gas-related counters extended their gains in the afternoon session on Wednesday, Jan 12 on expectations of a boost for the sector on the back of a slew of multi-billion ringgit projects earmarked to kick-off this year.
At 3.35pm, SapuraCrest was up 30 sen to RM3.75, Deleum 18 sen to RM1.80, Esso 13 sen to RM2.98, Petronas Dagangan 12 sen to RM12.08, while Kencana and Borneo Oil added eight sen each to RM2.91 and 52.5 sen.
Dialog and Petra Energy rose five sen each to RM2.21 and RM1.67, Petra Perdana added two sen to RM1.20, while Perisai gained 2.5 sen to 66.5 sen.
SAAG was the actively traded with 156.7 million shares done. The stock was unchanged at 14 sen.
Prime Minister Datuk Seri Najib Razak announced that ExxonMobil and Shell would invest up to RM15 billion to upgrade their existing oil & gas fields and facilities.
ExxonMobil and its production sharing contract partner, Petronas Carigali, plan to invest over RM10 billion to rejuvenate mature facilities and undertake enhanced oil recovery activities in the Tapis and the Telok gas fields off Terengganu while Shell Malaysia will invest RM5 billion in upgrading and expanding upstream, midstream and downstream facilities across Malaysia.
AmResearch maintained its Overweight call on the sector with SapuraCrest being its top Buy given Petronas' capex rollouts and underpinned by the group's huge lock-in order book which should sustain earnings for the next three years.
The research house said Dialog remains a Buy in spite of a possible retracement after its impressive share price run given the excitement from the Pengerang deepwater development.
'The share rally on Kencana - while still a Buy due to marginal fields and M&A newsflows ' could moderate with its proposed equity raising exercise,' it said in a note Jan 12.
At 3.35pm, SapuraCrest was up 30 sen to RM3.75, Deleum 18 sen to RM1.80, Esso 13 sen to RM2.98, Petronas Dagangan 12 sen to RM12.08, while Kencana and Borneo Oil added eight sen each to RM2.91 and 52.5 sen.
Dialog and Petra Energy rose five sen each to RM2.21 and RM1.67, Petra Perdana added two sen to RM1.20, while Perisai gained 2.5 sen to 66.5 sen.
SAAG was the actively traded with 156.7 million shares done. The stock was unchanged at 14 sen.
Prime Minister Datuk Seri Najib Razak announced that ExxonMobil and Shell would invest up to RM15 billion to upgrade their existing oil & gas fields and facilities.
ExxonMobil and its production sharing contract partner, Petronas Carigali, plan to invest over RM10 billion to rejuvenate mature facilities and undertake enhanced oil recovery activities in the Tapis and the Telok gas fields off Terengganu while Shell Malaysia will invest RM5 billion in upgrading and expanding upstream, midstream and downstream facilities across Malaysia.
AmResearch maintained its Overweight call on the sector with SapuraCrest being its top Buy given Petronas' capex rollouts and underpinned by the group's huge lock-in order book which should sustain earnings for the next three years.
The research house said Dialog remains a Buy in spite of a possible retracement after its impressive share price run given the excitement from the Pengerang deepwater development.
'The share rally on Kencana - while still a Buy due to marginal fields and M&A newsflows ' could moderate with its proposed equity raising exercise,' it said in a note Jan 12.
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