SINGAPORE: World oil prices extended losses in Asia Tuesday on weak economic data from top energy consumer China and realisation that a hoped for deal among producers to cut output would not happen.
Prices had been given a boost late last month by speculation that Russia and members of the Organization of the Petroleum Exporting Countries would reach agreement to slash output in the oversupplied petroleum market.
But the upward momentum hit a snag after traders became increasingly sceptical about such a deal, and the latest news that manufacturing activity in China contracted at its fastest pace in more than three years in January dealt a further blow to sentiment.
US benchmark West Texas Intermediate for delivery in March was down 50 cents, or 1.58 percent, at $31.12 and Brent crude for April dipped 45 cents, or 1.31 percent, to $33.79 a barrel by 0320 GMT. Both contracts settled lower on Monday.
The rise in oil prices last month “was based on shaky foundations, namely hopes that Russia and OPEC would agree to cut output,” Capital Economics said in a market commentary.
“We doubt that there will be any coordinated agreement even though the market remains oversupplied. Meanwhile, US inventories of both crude oil and gasoline have continued to build over the last month. Indeed, US crude oil stocks are now at record highs.”
PSX: Marred by political ambiguity the bourse experiences low-key activity today!
KARACHI: The prevailing vagueness in the economic as well as political scenario of the country forced PSX fall flat closing at 42,750 points on the week’s last trading day.
Rs. 5.45b worth of 132m shares changed hands, with value of the shares of 167 companies augmenting, 170 plummeting and 26 remaining stagnant.
Technology, Power and Textile sectors dominated the bourse with trading of 24.4m, 12.5m and 11.7m shares today.
Top five leading handlers of shares on the last trading day of the week were: WorldCall Telecom, 17.6m shares (+2.62pc); Engro Polymer, 8.9m shares (+3.03pc); K-Electric Ltd., 6.8m shares (+0.48pc); Dewan Motors, 6.4m shares (+4.82pc); Bank of Punjab, 6.3m shares (-1.87pc).
PSX: Raid at Dar’s house & Model Town Report let bears bleed the bourse red!
KARACHI: News that last night NAB personnel raided the house of Federal Finance Minister Ishaq Dar armed with an arrest warrant forced bulls leave the bourse after many sessions.
Court’s orders to make the judicial report of Model Town carnage public too allowed the bears growl forcing KSE-100 Index close at 42,800 today post shedding 572 points.
Today Rs. 8.7b worth of 165.7m stocks changed hands. The value of the shares of 253 companies plummeted, 94 augmented while 33 remained unchanged.
Technology, Power Generation and Gas Sectors led the trade today with 18.9m, 15.1m and 15m shares.
Today’s top five traders of the shares were K-Electric Ltd., 12.5m shares (+1.30pc); Sui Southern Gas 11.2m shares (-0.18pc); Engro Polymer, 9.9m shares (+1.66pc); WorldCall Telecom, 8.6m shares (+1.78pc); TRG Pak Ltd., 8.3m shares (-4.44pc).
European consortium Airbus inaugurates first completion/delivery center in China
TIANJIN: European consortium Airbus has inaugurated a $240m completion center here that will be receiving large bodied aircraft A330s from France.
Pak Envoy tells UNGA that India is the mother of terrorism in SA
PM Abbasi meets Nawaz Sharif in London
“Nawaz not honest anymore, he shouldn’t head the party”: Farooq Sattar
USAID Dpy. Mission Director inaugurates state-of-the-art schools in Sukkur
Kapil Sharma’s Upcoming Movies in 2017, 2018
Aamir Khan’s Upcoming Movies in 2017, 2018
Crime22 hours ago
ISPR says cross-border attack killed young army officer in Khyber Agency
Cricket22 hours ago
Yasir, Wahab in, Shahzad out as PCB announced test squad against Sri Lanka
Crime2 days ago
Rs. 18 billion corruption: Former NBP president arrested after SHC declines to extend bail
Health2 days ago
Bill Gates lauds Pakistan for effectively battling polio
Sindh2 days ago
Mayor Karachi given ‘Rs 8 billion’ for development work in metropolis: CM Sindh
World2 days ago
At UN, Bangladesh PM accuses Pakistan of launching ‘genocide’ of 1971
Karachi21 hours ago
Civil Rights Organisations demand recovery of missing persons at a KPC Presser!
Pakistan21 hours ago
1,700 policemen on VIP security to be deployed in the city for Muharram processions