Petronas-linked counters in the limelight

KUALA LUMPUR: Petronas-linked shares were in the limelight as fund managers continuously sought out the counters for their prospects.

At today’s close, Petronas Gas added 54 sen to RM16.94 with 14.5 million shares traded. The counter soared RM1.06 to RM16.40 at yesterday’s close.

Petronas Chemical rose 17 sen to RM7.20, but Petronas Dagangan dropped 24 sen to RM23.54.

“Petronas has sold a substantial stake in the counters and received a total of more than RM5 billion.

“This resulted in more free float for these counters.

“Fund managers saw opportunities to own a piece of Petronas via a proxy of these companies,” an analyst told Bernama.

Early this week, Petronas reported it had successfully completed block trades of its shares in MISC, Petronas Dagangan and Petronas Gas.

The national oil firm said the block trades were to Malaysian institutional funds, as part of Petronas’s portfolio management strategy.

Prime Minister Dr Mahathir Mohamad, in an interview with Reuters earlier, said Malaysia is considering selling stakes in Petronas to states where the company’s oil and gas fields are located.

The move was lauded by Terengganu, saying it will consider buying a stake in Petronas if it is for a reasonable amount of equity, while Sarawak wanted more details on the offer and will reveal its stand after further deliberations.