=MARKET BUZZ: Malaysia Energy Stocks Up; Syria Fallout Could Boost Oil Prices-TA
KUALA LUMPUR (Apr 16) -- Malaysia’s energy stocks advance as geopolitical tensions unfold in Middle East. Russian President Vladimir Putin warned late Sunday that further attacks on Syria would “inevitably lead to chaos in international relations.” Petronas Chemicals up 1.5% at MYR8.53, Petronas Dagangan up 2% at MYR26.00. In wider market, UMW Oil & Gas Corporation and Sapura Energy lead gainers with 6.7% and 4.1% advance, while Dagang NeXchange gains 2.4%. “Crude oil prices could rise further towards $80/barrel in the immediate term as a reaction to fear of reprisal from Russia,” TA Securities analyst Kaladher Govindan says. Tips Dagang NeXchange, Pantech Group Holdings, Lotte Chemical Titan Holding, Sapura Energy and UMW Oil & Gas Corporation as among stocks that could benefit from higher oil prices. Brent crude for June settlement on ICE Exchange down 1.5% at $71.48/barrel, off three-year-high touched last week.
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