Hengyuan Refining Company Bhd Surges 50.77% in Two Days Amid US-Iran Tensions
Hengyuan Refining Company Bhd saw its market value jump by RM590 million in just two trading days, making it the biggest winner from a renewed surge into oil and gas stocks. The refiner's shares rose 99 sen, or 50.77 per cent, from RM1.95 last Friday to RM2.94 at Wednesday's close.
This lift in market value brings Hengyuan's total market capitalisation to about RM1.76 billion. The two-day burst is the latest chapter in a remarkable year for the refiner, which began 2026 at just 77 sen and has since gained RM2.11, or 274 per cent.
The recent rally comes as crude prices climb on fears that escalating US-Iran hostilities could disrupt supplies from the Middle East. Brent crude futures rose 40.5 cents, or 0.43 per cent, to US$95.60 a barrel at press time yesterday.
Hong Leong Investment Bank Bhd (HLIB) expects Malaysia's oil and gas sector to gather momentum on a recovery in upstream earnings, improving order flows for OGSE companies and sustained demand for energy infrastructure. The research house maintained its 'Overweight' call on the sector, with Dialog Group Bhd as its top pick at a target price of RM2.52.