Oil price slide hits Bursa energy stocks
KUALA LUMPUR: Energy stocks took a beating on Bursa Malaysia on Thursday after crude oil prices slipped below US$100 a barrel for the first time in six weeks, amid growing expectations that the United States-Iran conflict could ease.
Energy stocks on Bursa Malaysia suffered a decline on Thursday after crude oil prices fell below $100 per barrel for the first time in six weeks. The Bursa Malaysia Energy Index dropped 21.45 points, or 2.59 percent, to 806.47 from Wednesday's close of 827.92, despite the broader market rallying. Of the 35 energy stocks listed on Bursa's Main Market, 17 closed lower, 11 remained unchanged, and only seven increased.
Hengyuan Refining Company Bhd was severely impacted, falling 57 sen, or 15.75 percent, to RM3.05, as investors reevaluated the outlook for oil prices and refining margins. Other energy-related companies also faced losses, including Petron Malaysia Refining & Marketing Bhd, which decreased 9 sen, or 2.77 percent, to RM3.16. Brent crude futures for January delivery dropped 8.7 percent to $94.62 a barrel, their lowest level since August 31, as expectations grew that the US-Iran conflict might ease.
The Democrats' victory in the US midterm elections raised concerns about potential regulatory changes and antitrust scrutiny in the technology sector, negatively affecting technology stocks and the Bursa Malaysia Technology Index, which fell 3.17 points, or 4.27 percent, to 71.14.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
