KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
Sinopec, the world’s largest refiner by capacity, reported a 52.1% year-on-year decline in net profit for the third quarter, falling to 8.54 billion yuan (US$1.2 billion or RM5.2 billion). The sharp decline in profits was primarily attributed to lower oil prices and weaker refining margins.
The company’s third-quarter revenue dropped 9.8% from the previous year, reaching 790.4 billion yuan, according to a stock market filing on Monday.
While Sinopec struggled with lower earnings, its domestic peer, CNOOC, saw a 9% increase in quarterly profit, amounting to 36.93 billion yuan, driven by higher output that compensated for lower prices.
From January to September, Sinopec processed 190.69 million metric tonnes of crude oil, marking a 1.6% decline year-on-year. The output of refined fuels also fell by 0.8% to 116.6 million tonnes during the same period. Diesel production dropped 10.7%, while gasoline output rose 4.1% and jet fuel production increased 10.5%.
Despite the challenges, refined fuel sales increased 0.6% year-on-year to 181.67 million tonnes in the first nine months, although domestic sales fell 3.2%.
Sinopec’s performance was further impacted by the chemical segment, which reported a net loss of 4.9 billion yuan. The company’s capital expenditure for the first nine months dropped to 86.35 billion yuan, with 50.77 billion yuan allocated to exploration and development, focusing on its pilot shale oil field in Jiyang and oil and gas fields in Xinjiang and Sichuan.
Sinopec’s Hong Kong-listed shares have risen 10.27% year-to-date, underperforming the Hang Seng Index, which increased 20.84% over the same period.
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