KUALA LUMPUR: Oil and gas related companies were among the top gainers in late trade on Wednesday, March 9, with Petronas Chemicals notching the biggest gains after it was upgraded by several research houses.
At 3.53pm, PChem was up 35 sen to RM6.80 with 44 million shares done, MMHE added 32 sen to RM6.76, SapuraCrest added 24 sen to RM3.72, Dialog Group 22 sen to RM2.39 and KNM 14 sen to RM2.79.
The FBM KLCI rose 7.09 points to 1,525.75. Turnover was 1.22 billion shares valued at RM1.72 billion.'' Advancing counters beat decliners more than two to one, with 525 gainers, 236 losers and 248 stocks unchanged.
AmResearch maintained its OVERWEIGHT view on the oil and gas sector with the top BUYs being MMHE and SapuraCrest Petroleum.
It said RG Gas and Chemicals (M) Sdn Bhd (RGC) plans to invest RM3 billion over the next 10 years to build an integrated oil and gas hub on Pulau Daat in Labuan.
'We expect fabricators such as Dialog Group, Kencana Petroleum and KNM Group to bid for portions of this proposed long-term project. But CONSTRUCTION [] companies operating in East Malaysia may also be bidding for this project, which involves infrastructural and civil works similar to the recent award of the Sabah Oil & Gas Terminal project in Kimanis to the Naim Holdings-Samsung Engineering joint venture,' it said.
AmResearch remained bullish about the sector given: (1) Key strategic thrusts in the ETP to develop regional services champions, which include consolidating existing major licensed fabricators and promoting South Johor as an oil transhipment and storage hub; (2) Re-energised capital expenditure, of up to RM10bil to be awarded by 1H2011, (3) excitement from the 25 marginal fields and enhanced oil recovery projects, and (4) merger & acquisition news flow to expand scale of operations and raise the level of expertise.
At 3.53pm, PChem was up 35 sen to RM6.80 with 44 million shares done, MMHE added 32 sen to RM6.76, SapuraCrest added 24 sen to RM3.72, Dialog Group 22 sen to RM2.39 and KNM 14 sen to RM2.79.
The FBM KLCI rose 7.09 points to 1,525.75. Turnover was 1.22 billion shares valued at RM1.72 billion.'' Advancing counters beat decliners more than two to one, with 525 gainers, 236 losers and 248 stocks unchanged.
AmResearch maintained its OVERWEIGHT view on the oil and gas sector with the top BUYs being MMHE and SapuraCrest Petroleum.
It said RG Gas and Chemicals (M) Sdn Bhd (RGC) plans to invest RM3 billion over the next 10 years to build an integrated oil and gas hub on Pulau Daat in Labuan.
'We expect fabricators such as Dialog Group, Kencana Petroleum and KNM Group to bid for portions of this proposed long-term project. But CONSTRUCTION [] companies operating in East Malaysia may also be bidding for this project, which involves infrastructural and civil works similar to the recent award of the Sabah Oil & Gas Terminal project in Kimanis to the Naim Holdings-Samsung Engineering joint venture,' it said.
AmResearch remained bullish about the sector given: (1) Key strategic thrusts in the ETP to develop regional services champions, which include consolidating existing major licensed fabricators and promoting South Johor as an oil transhipment and storage hub; (2) Re-energised capital expenditure, of up to RM10bil to be awarded by 1H2011, (3) excitement from the 25 marginal fields and enhanced oil recovery projects, and (4) merger & acquisition news flow to expand scale of operations and raise the level of expertise.
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