AVN 65.31 Decreased By ▼ -0.86 (-1.3%)
BAFL 30.25 No Change ▼ 0.00 (0%)
BOP 4.63 Decreased By ▼ -0.10 (-2.11%)
CNERGY 3.89 Decreased By ▼ -0.12 (-2.99%)
DFML 13.50 Decreased By ▼ -0.60 (-4.26%)
DGKC 42.15 Decreased By ▼ -1.54 (-3.52%)
EPCL 46.13 Increased By ▲ 1.48 (3.31%)
FCCL 11.45 Decreased By ▼ -0.38 (-3.21%)
FFL 5.19 Increased By ▲ 0.22 (4.43%)
FLYNG 5.82 Decreased By ▼ -0.28 (-4.59%)
GGL 10.04 Decreased By ▼ -0.34 (-3.28%)
HUBC 63.21 Increased By ▲ 0.91 (1.46%)
HUMNL 5.73 Decreased By ▼ -0.12 (-2.05%)
KAPCO 27.81 Increased By ▲ 0.26 (0.94%)
KEL 2.15 Decreased By ▼ -0.06 (-2.71%)
LOTCHEM 25.37 Decreased By ▼ -1.23 (-4.62%)
MLCF 21.65 Decreased By ▼ -0.87 (-3.86%)
NETSOL 84.95 Decreased By ▼ -1.25 (-1.45%)
OGDC 86.64 Increased By ▲ 0.37 (0.43%)
PAEL 10.96 Decreased By ▼ -0.31 (-2.75%)
PIBTL 4.21 Decreased By ▼ -0.07 (-1.64%)
PPL 78.65 Decreased By ▼ -1.43 (-1.79%)
PRL 13.61 Decreased By ▼ -0.05 (-0.37%)
SILK 0.88 Decreased By ▼ -0.02 (-2.22%)
SNGP 41.00 Decreased By ▼ -0.75 (-1.8%)
TELE 6.01 Decreased By ▼ -0.20 (-3.22%)
TPLP 16.02 Decreased By ▼ -0.25 (-1.54%)
TRG 111.89 Decreased By ▼ -0.66 (-0.59%)
UNITY 14.01 Decreased By ▼ -0.34 (-2.37%)
WTL 1.14 Decreased By ▼ -0.06 (-5%)
BR100 4,026 Decreased By -48.6 (-1.19%)
BR30 14,402 Decreased By -123 (-0.85%)
KSE100 40,451 Decreased By -396 (-0.97%)
KSE30 15,110 Decreased By -101.7 (-0.67%)
Follow us

Australian shares closed lower in volatile trading on Wednesday as gains in the heavyweight financial segment failed to offset a slump in gold and mining stocks, ahead of the outcome of the U.S. Federal Reserve's meet.

The S&P/ASX 200 index fell 0.16% to 7304.7. The benchmark slipped 0.4% on Tuesday.

The U.S. central bank kicked off its two-day policy meeting on Tuesday. Traders see a 99.9% chance of a 50 basis-point hike on Wednesday, according to CME's FedWatch Tool, which would mark the largest rate increase by the Fed since May 2000.

Local miners fell 1.2% to touch a one-week low as lingering demand worries over top metals consumer China's COVID-19 lockdown dragged iron ore prices lower.

Sector giants BHP and Rio Tinto crashed by 0.6% and 0.7% respectively, while Fortescue Metals lost 2.4% to hit a one-week low.

Australia shares slip

China's zero-tolerance policy and COVID-19 lockdowns are driving down global growth and could continue to affect domestic miners in the days ahead, Henry Jennings, senior analyst at Marcustoday Financial Newsletter said.

The gold sub-index tumbled 1% to hit its lowest since March 2, with sector leaders Newcrest Mining and Northern star losing 0.9% and 1.3% each.

Bucking the trend, financials surged 0.7%. Heavyweights Commonwealth Bank of Australia and Westpac Banking climbed 0.7% each, while the National Australia Bank rose 1% to mark its best day in over five weeks.

Australia and New Zealand Banking also advanced as much as 2.1%, after the country's No. 4 lender beat estimates for first-half profit.

Australian retail sales beat expectations for a third straight month in March, helping the country weather this week's rise in interest rates, data from the Australian Bureau of Statistics showed.

New Zealand's benchmark S&P/NZX 50 index ended the session flat after the Reserve Bank of New Zealand said the country's financial system remained robust in the context of significant global economic challenges.

Comments

Comments are closed.

Australia shares end choppy session lower ahead of U.S. Fed meet outcome

PPP to send legal notice to Imran over Zardari assassination plot claims

PM Shehbaz terms Imran's remarks against Zardari dangerous, irresponsible

FM Bilawal to visit Russia on January 29-30

In 2 weeks: Indus Motor increases Toyota car prices again as rupee's fall bites

Terrorist killed in intelligence based operation in North Waziristan: ISPR

Gold surges to new peak on back of rupee depreciation, speculation

Two Indian air force jets crash, one pilot killed

'Believe in Ishaq Dar': Maryam says current finance minister to solve economic crisis

Sri Lanka economy could shrink by -3.5% to -4%, president says

Sabalenka wins Australian Open for first Grand Slam crown