CIMB Overweight On Oil And Gas Sector, Bets Higher Domestic Spending By Petronas
CIMB Securities has maintained its 'Overweight' rating on Malaysia's oil and gas sector following Petronas's stronger first-half earnings, driven by higher energy prices and LNG sales. Petronas's revenue rose 15% to RM152.4 billion, though its downstream division recorded a large loss due to an accounting charge related to the PRefChem joint venture.