Losing Stocks of the 2nd Week

Submitted by Jim Thesiger on 18 January, 2010 - 18:17

WorleyParsons (WOR), an Australia based company that concentrates on engineering design and project related services along with maintenance and reliability support services to diversified industrial segments with a market capitalisation of $6042.6 million was the worst performer in the ASX100 list that lost 16.7 percent or $5.11 to its stock price closing the week at $25.35. It was a mixture of engineering, mining, exploration and real estate companies in the list of worst performing stocks of the Australian Stock Exchange: WorleyParsons (WOR), BlueScope Steel (BSL), Lluka Resources (ILU), Karoon Gas Australia (KAR), ING Industrial Fund (IIF). BlueScope Steel (BSL), a leading company in the steel industry that focuses on Europe, North America and Asia Pacific was the second worst company of the list losing 6.4 percent or 21 cents closing the week at $3.03. Next in the list was Lluka Resources (ILU), a company that is engaged in mining, exploration, separation and concentration of mineral sands along with in the production of coal, synthetic rutile, ilmenite, rutile, zircon and other titaniferous concentrates with a drop of 6 percent or 23 cents to its stock price and was closed for the week at $3.58.

In the ASX200 list, it was Karoon Gas Australia (KAR), WorleyParsons (WOR) and ING Industrial Fund (IIF) - who were the worst performers for the week. With a market capitalisation of $1416.9 million, Karoon Gas Australia (KAR), a company that concentrates in the exploration, identification and development of oil and gas reserves was in the top position with a loss of 32.2 percent or $3.57 to its stock price and was closed for the week at $7.50. Karoon Gas was followed by WorleyParsons in this list. The third position was taken by ING Industrial Fund (IIF) which is a leading company in the real estate business. The company saw a drop of 4.1 percent or 2 cents to its stock price closing the week at 50 cents.