KUALA LUMPUR (Nov 2): Energy-linked stocks on Bursa Malaysia advanced on Wednesday (Nov 2) as oil prices rose. At market close, the energy index on Bursa gained 2.13% or 14.83 points to 710.33. Among energy stocks, Hengyuan Refining Company Bhd rose 11.42% or 49 sen to RM4.78, Petron Malaysia Refining & Marketing Bhd gained 6.33% or 29 sen to RM4.87, Coastal Contracts Bhd rose 4.90% or 10 sen to RM2.14, Uzma Bhd was up 2.63% or one sen to 39 sen and Bumi Armada Bhd gained 2.53% or one sen to 40.5 sen.Reuters said oil prices rose in early trade on Wednesday, after industry data showed a surprise drop in US crude stockpiles, suggesting that demand is holding up despite steep interest rate hikes dampening global growth. Brent crude futures had picked up 17 cents, or 0.1%, to US$94.82 a barrel at 0014 GMT, while US West Texas Intermediate crude futures rose 26 cents, or 0.3%, to US$88.63 a barrel. Both benchmark contracts rose about 2% in the previous session on a weaker US dollar, and after an unverified note trending on social media said the Chinese government is going to consider ways to relax Covid-19 rules from March 2023, Reuters reported.

Source: The Edge Markets November 02, 2022 14:13 UTC