Arab Today, arab today energy stocks sink but oil bounces
Last Updated : GMT 08:36:01
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

arabstoday
arabstoday

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

 



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 Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Barcelona through George Orwell’s eyes

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
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