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: US motion to put Pakistan on a terror financing watch-list lets bears growl all over the bourse!
KARACHI: Due to domestic political noise alongwith intimation that Pakistan has been given a three-month let-off by an international watchdog over a US-led motion to put the country on a terror-financing watch allowed bear bleed the bourse red that closed at 42,920 shedding 375 points.
Rs. 8.5b worth of 188m shares were traded today. Value of the shares of 177 companies plummeted, 154 augmented, while 18 remained stagnant.
Cement, Chemicals, Food & Personal Care Products Sectors led the trade today with 19.7m, 18.9m and 18.7m shares respectively.
Today’s top five traders of shares were: Azgard Nine Ltd., 15.3m shares (-5.22pc); Lotte Chemical Ltd., 9.5m shares (+1.38pc); TRG Pak Ltd., 9.3m shares (+1.35pc); Dost Steels Ltd: 8.4m shares (+3.18pc); Matco Foods Ltd., 8.1m shares (+5.00pc).
PSX: Benchmark KSE-100 Index sheds 54 points on week’s 1st trading day!
KARACHI: The looming specter of FATF meeting in Paris that could result in putting Pakistan on a watch-list enabled bear growl all over the bourse on week’s first trading day.
With a loss of 54 points, benchmark KSE-100 Index closed at 43,573. Rs. 5.1b worth of 126.9m shares were traded today. Value of the shares of 193 companies augmented, 140 plummeted, while 26 remained stagnant.
Food/Personal Care Products, Cement & Communication Sectors led the trading with 19.3m, 14.9m and 12.2m shares respectively. Top five traders of shares today were: Fauji Foods Ltd., 9.8m shares (+4.97pc); TRG Pak Ltd., 7.5m shares (-2.94pc); Matco Foods Ltd., 6.8m shares (+3.19pc); Dewan Salman, 6.6m shares (+3.53pc); Dewan Cement, 5.9m shares (-2.85pc).