Oil price rebound props up offshore and marine stocks

Singapore

STOCKS of offshore and marine (O&M) companies bounced back on the Singapore Exchange (SGX) on Monday on strong volumes as oil price continued its rebound.

Keppel Corp, Ezion Holdings, Nam Cheong and Sembcorp Marine were all among the standout performers as some investors saw the stocks as having been oversold amid recent panic as oil prices plummeted to four-year lows last week. Oil prices recovered slightly on Friday and remained steady in Monday morning trading in the US as analysts predicted that prices would recover gradually.