Asian markets mixed but traders on edge, pound holds ground

News Image

MG News | November 15, 2018 at 10:18 AM GMT+05:00

0:00

Hong Kong, November 15: Asian investors moved nervously on Thursday as they struggled in the face of multiple headwinds, while oil prices resumed their drop and the pound struggled to hold its gains.

Fears about the China-US trade war, rising Federal Reserve interest rates, tensions within the European Union and slowing growth in most economies have helped drive stocks south for the past few months.

And this week it has been the turn of the crude market to drive the sell-off, dragging energy firms as it dropped like a stone on slowing demand and high output, while US sanctions on major producer Iran were not as severe as expected.

While OPEC and its kingpin Saudi Arabia have said they will tighten the taps to put an end to the recent sell-off -- both main contracts have fallen around a fifth from their early October highs -- the US has pushed up production.

Calls from Donald Trump for lower prices, a stronger US dollar against emerging market units and soft Chinese growth have also been factors in depressing the market.

And despite a brief rise in oil prices Wednesday, observers do not expect a rebound any time soon.

"The toxic elixir of weakening global demand and oversupply suggests upticks (in oil prices) will run into substantial selling as numerous bearish factors are weighing on sentiment," said Stephen Innes, head of Asia-Pacific trade at OANDA.

Energy firms were mixed Thursday as traders took a breather from the heavy selling of the past few days, with Hong Kong-listed CNOOC up 1.5 percent but Inpex down 0.3 percent in Tokyo.

On broader markets, Hong Kong edged up 0.5 percent, Shanghai was 0.8 percent higher, while Seoul and Taipei each added 0.2 percent.

However, Tokyo ended the morning down 0.3 percent, Sydney eased 0.4 percent and Singapore was off 0.1 percent.

(APP)

Related News

Name Price/Vol %Chg/NChg
KSE100 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 119,450.00
115,635.00
4270.00
3.75%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 68.77
66.50
2.18
3.27%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 11, 2025 at 10:56 PM GMT+05:00

Gold price in Pakistan rises Rs2,300 per tola


July 11, 2025 at 05:49 PM GMT+05:00

PKR gains 10 paisa per USD


July 11, 2025 at 05:41 PM GMT+05:00

PSX Closing Bell: Bulls Serenade The Bourse


July 11, 2025 at 05:06 PM GMT+05:00

UBL doubles profit to Rs65bn in 1HCY25


July 11, 2025 at 04:19 PM GMT+05:00

Ideal Spinning Mills to exit spinning business



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg