July 29, 2021

the stock market drops 5% and oil 20%

The flood of Repsol sales requests paralyzes its price first and then depreciates it by 15% with the price of the Brent barrel at $ 36.

The main indicator of the Spanish stock market falls more than 5% at the opening, with the price of the Repsol oil company paralyzed at startup due to the surge of sales requests due to the collapse of oil prices. On their return, the energy titles are left 15%. The most acute falls are between banks, with Santander and Bankia leaving more than 8%. Telefónica loses 5% and construction and energy companies fall in the range of 2-3%. On the other hand, companies related to transport and hospitality follow a similar behavior. Markets across Europe are shaken by the collapse of oil prices, which have sunk by 20%, to $ 36 a barrel of Brent, a reference in Europe, as a symptom of the possible scenario of paralysis of the economy to consequence of the spread of the coronavirus. Thus, the German Dax falls 6.5%, the British “footsie” 7% and the French CAC close to another 7%.

The main stock markets of Southeast Asia opened the day with heavy losses caused by fear of an expansion of Covid-19, as well as the collapse of the price of oil. The Bangkok parquet topped the red numbers with a 6.73 percent drop at the start of the negotiations, losses that were also particularly pronounced in the squares of the Philippines and Vietnam. In Singapore, the stock market lost 124.22 points, 4.20 percent, and the Straits Times composite indicator opened with 2,836.76 units. In Indonesia, Jakarta Square fell 181.09 integers, 3.29 percent, and the JCI index started with 5,317.45 points. In Malaysia, the Kuala Lumpur Stock Exchange backed down 51.10 units, 3.45 percent, and the selective KLCI started at 1,432.00 integers. In Thailand, Bangkok’s floor fell 91.79 points, 6.73 percent, and the SET index opened the day with 1,272.78 units. In the Philippines, the Manila Stock Exchange dropped 373.38 integers, 5.51 percent, and the PSEi index started with 6,397.00 points. In Vietnam, the VN index of the Ho Chi Minh Stock Exchange (former Saigon) opened with 847.05 units after subtracting 44.39 integers or 4.98 percent.


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