AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
Markets

European shares fall as coronavirus fears persist

European oil and gas stocks dropped as worries over Chinese demand continued to chip away at oil prices. Stock
Published February 10, 2020
  • European oil and gas stocks dropped as worries over Chinese demand continued to chip away at oil prices.
  • Stocks in Germany, Europe's largest economy, fell 0.2pc on weakness in information technology stocks.
  • The European travel and leisure sector was the biggest decliner among the regional sectors.

European shares dipped on Monday as concerns over the economic impact of the coronavirus outbreak weighed on sentiment, with stocks in Ireland leading declines after elections in the country.

The pan-European STOXX 600 index fell 0.3pc by 0905 GMT, having marked its best week in three months as part of a broader rebound from an earlier virus-driven selloff.

"In essence, (stocks) are giving themselves room again to lose - they have just created a band for themselves after that rebound last week," said Connor Campbell, analyst at British financial spread better Spreadex.

Stocks in Ireland dropped more than 1pc after Irish nationalists Sinn Fein secured almost a quarter of first-preference votes in a general election. Bank stocks were the biggest weight on the Irish index.

While Chinese businesses resumed work after an extended holiday, with authorities lifting some virus-related restrictions, a spike in the death toll to more than 900 kept overall sentiment jittery.

"Markets would've been after something more positive this morning, and they haven't been presented with that, they've been presented with more uncertainty," Spreadex's Campbell added.

The European travel and leisure sector was the biggest decliner among the regional sectors.

Hotel operator Whitbread fell the most in the sector as the virus outbreak threatened to erode demand from Chinese tourists.

European oil and gas stocks dropped as worries over Chinese demand continued to chip away at oil prices.

Stocks in Germany, Europe's largest economy, fell 0.2pc on weakness in information technology stocks.

A reading of business morale in the euro zone, due later in the day, is expected to have fallen drastically in January from the previous month.

Comments

Comments are closed.