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NTDTV

Market Report - Oil Hits New Year High

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Redaktion

19. Oktober 2009

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Lesedauer: 1 Min.

Today oil prices pushed up to a one-year high of over $79 dollars a barrel. It gave a boost to energy-related shares and helped stocks around the region recover.

Asian shares hovered near 14-month highs on Monday, shaking off an early dip after disappointing earnings from U.S. corporate giants such as General Electric.

South Korean technology exporters such as Samsung also climbed on a weaker won, helping lift the KOSPI.

South Korea’s second largest retailer, Lotte Shopping, has agreed to buy Chinese supermarket operator Times for as much as $650 million.

After rallying strongly for more than seven months, stocks have lost some momentum in recent weeks on fears that corporate earnings expectations are far too optimistic given the still frail U.S. economy.