Oil rush adds RM590mil to Hengyuan's market value in two days
KUALA LUMPUR: Hengyuan Refining Company Bhd has added about RM590 million to its market value in just two trading days, emerging as the biggest winner from a renewed rush into oil and gas stocks.
Hengyuan Refining Company Bhd has seen its market value soar by RM590 million within just two trading days, becoming the biggest beneficiary from a renewed rush into oil and gas stocks. The company's shares have surged 99 sen, or 50.77 percent, from RM1.95 last Friday to RM2.94 at Wednesday's close, raising its market capitalisation from RM1.17 billion to RM1.76 billion.
Trading resumed on Tuesday after Bursa Malaysia was closed for the National Day public holiday. When trading began on Tuesday, Hengyuan hit its daily limit, surging 58 sen, or 29.74 percent, to RM2.53 as investors entered energy counters amid heightened US-Iran tensions.
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