World Stock Market drops, crude-oil prices rise, as Egypt protests continue to worsen

By on Jan 31, 2011 in Business, International, Politics, Stock Market, World Comments

The world stock market has dropped and crude-oil prices went high, as protests in Egypt against President Hosni Murabak continue to worsen, with foreigners planning to leave the country immediately, stock market experts say.

According to business news sites, the FTSE in London dropped on Monday morning, by 37 points to 0.6% to 5843, while International Airlines Group, a group formed by the merging of Iberia and British Airways, declined by almost 4 percent; and a drop was also seen in some holiday firms.

Middle Eastern stock markets were also reported to have fallen after the trading on Sunday, while Dubai Financial Market fell off by more than 4 percent; and Nikkei Stock Average in Japan closed down by 1.2%.

As reported at Wall Street Journal, Hang Seng Index in Hongkong dropped by 1.8%; Kospi Composite in South Korea declined by 1.3%; and S&P/ASX 200 in Australia was 0.4% lower.

“After Friday’s sharp drop in US equities, Asian traders had their turn to focus on the uneasy and tense situation unwinding in Egypt with protests continuing despite a cabinet reshuffle and additional army presence,” IG Markets research analyst Ben Potter was quoted as saying.

As a result, oil prices trading became close to $100 per barrel level on Monday, with the ICE Brent March contract being greatly affected, nine cents higher and finished off the $99.51.

On the other hand, the March crude-oil delivery at the New York Mercantile Exchange (NYMEX), ended trading at $89.46 per barrel.

The last time that crude-oil prices reached $100 a barrel was in October 2008.

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