Arab Today, arab today energy stocks sink but oil bounces
Last Updated : GMT 17:46:19
Arab Today, arab today
Arab Today, arab today

As year ends

Energy stocks sink but oil bounces

Arab Today, arab today

Arab Today, arab today Energy stocks sink but oil bounces

Slowdown in China's growth
Hong Kong - Arab Today

Energy shares fell again Thursday on the last trading day of the year, tracking losses in New York and Europe although oil prices bounced slightly following another hefty loss.

With business light, stock markets flitted in and out of positive territory and Shanghai ended a rollercoaster year on a low note, losing almost one percent.

Crude prices edged up slightly but were unable to claw back the losses of more than three percent suffered Wednesday after data showed a surprise jump in US commercial stockpiles.

Along with a sharp growth slowdown in China, the slump in commodities has been a key story through 2015, with the cost of oil down more than 60 percent from recent peaks seen in summer 2014.

Crude has been hammered by anaemic demand, a slowdown in the global economy -- particularly China -- a worldwide supply glut and a strong dollar.
In Hong Kong petroleum-linked firms dipped, with CNOOC down 1.6 percent, PetroChina off one percent and Kunlun Energy 0.3 percent lower.

And in Sydney mining giant BHP Billiton lost 1.3 percent while Rio Tinto eased 0.2 percent and Santos shed 2.7 percent.

"This year has been a very volatile and difficult year as the markets were assaulted by volatility from different asset classes," Kelvin Tay, regional chief investment officer at UBS's wealth management business in Singapore, told Bloomberg News.

"The sharp selloff in the commodities market badly affected the Asian currency markets, especially Southeast Asian currencies and equities."

- 'Monkey market' -
However, he added: "China's economy will have a soft landing in 2016."

The slowdown in China's growth, and fears about Beijing's ability to manage it, sent shudders through global markets in the summer, slicing trillions off valuations. The Shanghai index, which had soared 150 percent in 12 months crashed more than 40 percent, with profit-taking and concerns about high valuations also stoking worries.

On Thursday markets limped towards the finish line, with Hong Kong ending up 0.2 percent and Sydney easing 0.5 percent by the close.

Hong Kong lost more than seven percent in 2015 while Sydney was two percent lower, having succumbed to the summer sell-off after a bright start to the year.

Shanghai closed down 0.9 percent, drawing to a close one of the most painful years in its 25-year history but still ending it 9.4 percent to the good.

"It was the year of the 'monkey market' for Chinese stocks -- jumping up and down like a monkey," said professor Oliver Rui of the China Europe International Business School.

Tokyo and Seoul were closed for public holidays, while most regional markets will be shut Friday for New Year's Day.

- Key figures around 0710 GMT -

Hong Kong - Hang Seng: UP 0.2 percent at 21,914.40 (close)

Shanghai - composite: DOWN 0.9 percent at 3,539.18 (close)

Sydney - S&P/ASX200: DOWN 0.5 percent at 5,295.9 (close)

Euro/dollar: DOWN to $1.0930 from $1.0932 late Wednesday

Dollar/yen: DOWN to 120.42 yen from 120.52 yen

New York - Dow: DOWN 0.7 percent at 17,603.87 (close)

London - FTSE 100: DOWN 0.6 percent at 6,274.05 (close)

Source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today energy stocks sink but oil bounces Arab Today, arab today energy stocks sink but oil bounces

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 08:51 2017 Saturday ,25 February

Shaking off dieselgate, VW races back into profit

GMT 08:48 2017 Saturday ,25 February

France's Macron takes on critics over 'vague' programme

GMT 10:10 2017 Friday ,24 February

France's Macron gets boost, but election is wide open

GMT 12:38 2017 Thursday ,23 February

Lower fares hit Qantas first half profit

GMT 10:57 2017 Thursday ,23 February

Chief executive out at Paramount Pictures

GMT 07:26 2017 Thursday ,23 February

A peek inside Qatar's 'gas capital of the world'

GMT 11:26 2017 Wednesday ,22 February

Dutch corporate takeover defences tough to breach
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday