AIRLINE and shipping companies major consumers of oil were not spared the sharp market downturn yesterday. Most of these stocks performed as poorly as, or worse than, stocks in other industries, as the price of crude oil has risen to about US$40 a barrel.
Amid the broad market decline, the shares of oil services companies also fell. As these companies should see more business as oil prices rise, this could be an indication of a general sell-down by foreign funds.
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