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Oil prices extend losses in Asia

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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.”

Source: APP

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Alleged forgery lands two Chinese nationals in FIA lock-up!

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MMA

KARACHI: Two Chinese nationals – Zhong Zhongmin and Li Chonhong, Country Manager and Deputy Country Manager of the Chinese firm M/s BGP (Pakistan) International – have been nabbed by FIA for submitting forged documents here today.

According to details FIA has registered a case against the  oil and gas surveying company, its clearing agent M/s IMT Co, customs personnel etc for forgery.

The accused had endeavored to get surveying equipment worth Rs. 677m cleared by means of fake papers.

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PSX: Bourse hardly managed to remain in the green on week’s 3rd trading day!

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KARACHI: As the profit-taking set in due to political noise, Benchmark KSE-100 Index closed at 40,591 points with an augmentation of only a little over 43 points.

Rs. 5.3b worth of 157m shares changed hands today. Value of the shares of 172 augmented, 155 plummeted, while 18 remained stagnant.

Pundits at the helm of affairs have insinuated that K-Electric was being acquired by Shanghai Electric.

As a result Power Generation and Distribution Sector led the trading of shares today followed by Technology and Communication Sectors . The three have traded 80.4m, 15.9m and 7.5m shares respectively.

The top five leaders of the trade of shares today were K-Electric Ltd., 77.1m shares (+10.11pc); WorldCall Telecom, 8.3m shares (+4.83pc);TRG Pak Ltd., 6.9m shares (+1.50pc); Sui Southern Gas, 5.4m shares (+2.93pc); Azgard Nine, 4.5m shares (-0.27pc).

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PSX: Bourse closes in the green as bulls shoo-off the bears on week’s second trading day!

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KARACHI: The bourse closed in the green (40,459) today when Benchmark KSE-100 Index gained 232 points.

Rs. 5.2b worth of 102m shares changed hands today. Value of the shares of 148 companies augmented, 145 plummeted, while 21 remained stagnant.

With trading of 15.8m shares Textile Spinning Sector led the market. Top five leaders of today’s trading were Unity Foods(R),13.0m shares (+26.60pc); TRG Pak Ltd., 7.3m shares (+1.84pc); Pak Elektron, 4.9m shares (+2.50pc); Dost Steels Ltd., 39.m shares (-1.27pc).

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