STOCK SAHAM.CO

Bursa’s Energy Index falls the most after oil prices plunged to eight-month low

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KUALA LUMPUR : Bursa Malaysia’s Energy Index, which tracks share prices of oil and gas related companies, had on Monday (Sept 26) fell more than 3%, the most among Bursa indices, after crude oil prices plunged about 5% to an eight-month low at below US$80 a barrel last Friday (Sept 23).

“Oil prices plunged about 5% to an eight-month low on Friday as the US dollar hit its strongest level in more than two decades and on fears rising interest rates will tip major economies into recession, cutting demand for oil,” Reuters reported.

At 5pm on Monday, the Energy Index closed down 30.29 points or 4.25% at 682.35, after the gauge traded between 677.59 and 704.94 earlier in the day.

For comparison, the benchmark 30-stock FBM KLCI ended 11.94 points or 0.84% to 1,413.04.

Meanwhile, the share prices of Energy Index constituents Velesto Energy Bhd and Hibiscus Petroleum Bhd fell in active trade.

Bursa’s most-active stock Velesto saw some 101 million shares exchanging hands. Velesto’s share price settled down one sen or 7.69% at 12 sen.

Hibiscus, which was Bursa’s eighth most-active stock, registered a share trade volume of about 36 million shares. Hibiscus’ share price dropped four sen or 4.44% to 86 sen.

Source : The Edge Markets

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