asian markets mixed oil prices sink further
Last Updated : GMT 15:30:33
Arab Today, arab today
Arab Today, arab today

Asian markets mixed, oil prices sink further

Arab Today, arab today

Arab Today, arab today Asian markets mixed, oil prices sink further

Shinjuku area of Tokyo
Hong Kong - AFP

Asian markets were mixed Monday after China released data pointing to further weakness in the country's manufacturing sector, while Tokyo hit a seven-year high as the yen slipped against the dollar.
Energy firms took a hit for a second successive session while airlines climbed after OPEC's decision to maintain oil output levels despite a supply glut and plunging prices.
Tokyo rallied 0.98 percent to its highest level since July 2007 thanks to fresh yen weakness, while Shanghai added 0.60 percent on hopes for more economy-boosting measures from China's leaders.
However, Hong Kong sank 1.29 percent, Sydney slipped 0.78 percent and Seoul was 0.86 percent lower.
China's official Purchasing Managers' Index (PMI) of manufacturing eased to 50.3 last month, lower than the 50.8 seen in October and the weakest since March. A figure above 50 signals expansion in the sector, while anything below indicates contraction.
The figure is the latest pointing to a slowdown in the world's number two economy and follows a surprise move by the central People's Bank of China on November 21 to cut interest rates.
Adding to worries about the economy, the independent China Index Academy said Sunday that house prices in the country's 100 major cities fell on a monthly basis for the seventh straight month in November.
Energy firms in the region fell again as oil prices sank to multi-year lows in reaction to Thursday's announcement by the Organization of the Petroleum Exporting Countries that it would not cut production of the black gold.
- Energy firms down, airlines up -
The cartel refused to listen to calls for a reduction, despite prices having tumbled more than 30 percent since June on the back of an oversupply caused by weak demand and a surge in output from the United States.
US benchmark West Texas Intermediate for January delivery plunged $1.55 in early Asian trading to $64.60, its lowest intraday level since July 2009.
Brent crude for January sank $1.84 to $68.31, lows not seen since February 2010.
Among the biggest losers were Sydney-listed Santos, which fell almost seven percent, while BHP Billiton lost 3.4 percent and Woodside shed 4.9 percent. In Hong Kong PetroChina was 2.2 percent lower and CNOOC fell 3.3 percent.
"Negative actions in the oil market are continuing today. Investors see crude as remaining vulnerable after last week's OPEC announcement," Michael McCarthy, chief market strategist at CMC Markets in Sydney, told AFP.
"We have not yet seen any piece of news or development that could trigger a bottoming out phase in oil prices," he added.
However, airlines -- whose biggest cost is fuel -- climbed again. In Tokyo Japan Airlines added 5.9 percent and rival ANA gained 4.3 percent, while in Hong Kong Cathay Pacific rose 4.3 percent and Korean Airlines in Seoul was up 6.1 percent.
On foreign exchange markets the dollar rose to 118.92 yen, up from 118.65 yen in New York Friday.
The euro also climbed to 147.93 yen from 147.64 yen, while it also bought $1.2437 against $1.2443.
Wall Street ended mixed in truncated trade Friday after the Thanksgiving holiday.
The Dow edged marginally higher to a new record and the Nasdaq added 0.09 percent but the S&P 500 slid 0.25 percent.
Gold was at $1,151.60 an ounce, compared with $1,182.86 late Friday.

 

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