ANL 12.60 Increased By ▲ 0.05 (0.4%)
ASC 12.22 Increased By ▲ 0.01 (0.08%)
ASL 13.29 Increased By ▲ 0.01 (0.08%)
BOP 8.58 Increased By ▲ 0.03 (0.35%)
BYCO 5.92 Increased By ▲ 0.02 (0.34%)
FCCL 17.26 Decreased By ▼ -0.26 (-1.48%)
FFBL 23.73 Decreased By ▼ -0.07 (-0.29%)
FFL 9.95 Decreased By ▼ -0.06 (-0.6%)
FNEL 9.12 Decreased By ▼ -0.11 (-1.19%)
GGGL 14.51 Decreased By ▼ -0.23 (-1.56%)
GGL 26.35 Decreased By ▼ -0.01 (-0.04%)
HUMNL 5.80 Decreased By ▼ -0.05 (-0.85%)
JSCL 14.90 Decreased By ▼ -0.10 (-0.67%)
KAPCO 31.31 Decreased By ▼ -0.09 (-0.29%)
KEL 3.37 Increased By ▲ 0.05 (1.51%)
MDTL 2.08 Decreased By ▼ -0.02 (-0.95%)
MLCF 32.15 Decreased By ▼ -0.29 (-0.89%)
NETSOL 91.21 Decreased By ▼ -3.47 (-3.66%)
PACE 4.00 Decreased By ▼ -0.05 (-1.23%)
PAEL 20.80 Decreased By ▼ -0.20 (-0.95%)
PIBTL 7.38 Increased By ▲ 0.03 (0.41%)
POWER 6.31 Increased By ▲ 0.06 (0.96%)
PRL 12.17 Decreased By ▼ -0.12 (-0.98%)
PTC 8.60 Decreased By ▼ -0.02 (-0.23%)
SILK 1.19 No Change ▼ 0.00 (0%)
SNGP 38.10 Increased By ▲ 0.26 (0.69%)
TELE 15.19 Decreased By ▼ -0.36 (-2.32%)
TRG 94.55 Increased By ▲ 0.84 (0.9%)
UNITY 22.48 Decreased By ▼ -0.50 (-2.18%)
WTL 2.03 Decreased By ▼ -0.04 (-1.93%)
BR100 4,488 Increased By ▲ 0.9 (0.02%)
BR30 17,762 Decreased By ▼ -18.3 (-0.1%)
KSE100 43,852 Increased By ▲ 5.4 (0.01%)
KSE30 17,056 Increased By ▲ 6.3 (0.04%)

Coronavirus
LOW
Source: covid.gov.pk
Pakistan Deaths
28,793
924hr
Pakistan Cases
1,287,703
31024hr
Sindh
477,119
Punjab
443,610
Balochistan
33,514
Islamabad
107,989
KPK
180,471

Australian shares slumped on Friday to their worst session in nearly two months, as the detection of a new and possibly vaccine-resistant coronavirus variant in South Africa sent energy and other major sectors tumbling.

The benchmark S&P/ASX 200 fell 1.73% in its biggest drop since Oct. 1 despite better-than-expected October retail sales data. For the week, the index lost 1.6% and marked its third straight weekly drop.

Australia said it was investigating the new COVID-19 variant spreading in South Africa and warned it may close its borders to travellers from the African nation if risks from the new strain rise.

"Investors are likely to shoot first and ask questions later until more is known about it," said Jeffrey Halley, a senior market analyst, Asia Pacific at OANDA, referring to the new virus variant.

"There's also a bit of nervousness in the next few weeks as to this expectation of whether we'll get these (Christmas) rallies," said Doug Symes, a senior client adviser at Novus Capital.

Energy stocks slumped 4.6%, their biggest since September 2020, as oil prices tumbled on concerns that a supply surplus could swell in the first quarter following a US-led coordinated release of reserves among major consumers and as the new virus variant spooked investors.

Major oil companies Woodside Petroleum and Santos fell 5.1% and 4.8%, respectively.

Travel stocks were among the biggest losers, with travel management firms Flight Centre Travel Group and Corporate Travel Management falling 7.5% and 5.8% respectively, while Qantas Airways dropped 5.5%.

Miners gave up 1.9% as benchmark Chinese iron ore futures fell 6.4% on concerns over the new COVID-19 variant and new cases in Shanghai.

Sector heavyweights BHP, Rio Tinto and Fortescue Metals Group fell between 1.5% and 3.9%.

Gold miners edged higher 0.4% as investors flocked to safe havens.

New Zealand's benchmark S&P/NZX 50 index dropped 1.3% to 12,628.89 in its worst session since March 22.

We love hearing your feedback, please help us improve by answering these few survey questions

Comments

Comments are closed.