AGL 5.27 Decreased By ▼ -0.13 (-2.41%)
ANL 8.75 Decreased By ▼ -0.04 (-0.46%)
AVN 76.62 Increased By ▲ 0.37 (0.49%)
BOP 5.22 Increased By ▲ 0.03 (0.58%)
CNERGY 4.44 Decreased By ▼ -0.04 (-0.89%)
EFERT 81.32 Increased By ▲ 0.22 (0.27%)
EPCL 49.39 Increased By ▲ 0.38 (0.78%)
FCCL 12.80 Increased By ▲ 0.10 (0.79%)
FFL 5.59 Decreased By ▼ -0.03 (-0.53%)
FLYNG 6.90 Decreased By ▼ -0.03 (-0.43%)
FNEL 4.67 Increased By ▲ 0.02 (0.43%)
GGGL 8.64 Increased By ▲ 0.04 (0.47%)
GGL 14.21 Increased By ▲ 0.06 (0.42%)
HUMNL 5.54 Increased By ▲ 0.05 (0.91%)
KEL 2.63 Increased By ▲ 0.04 (1.54%)
LOTCHEM 28.04 Increased By ▲ 0.33 (1.19%)
MLCF 24.05 Increased By ▲ 0.45 (1.91%)
OGDC 71.13 Decreased By ▼ -0.44 (-0.61%)
PAEL 15.34 Increased By ▲ 0.14 (0.92%)
PIBTL 4.87 Decreased By ▼ -0.04 (-0.81%)
PRL 16.08 Increased By ▲ 0.25 (1.58%)
SILK 1.13 Increased By ▲ 0.08 (7.62%)
TELE 9.07 Increased By ▲ 0.08 (0.89%)
TPL 7.09 Decreased By ▼ -0.07 (-0.98%)
TPLP 19.09 Decreased By ▼ -0.09 (-0.47%)
TREET 21.20 Increased By ▲ 0.06 (0.28%)
TRG 139.80 Increased By ▲ 3.30 (2.42%)
UNITY 16.77 Increased By ▲ 0.01 (0.06%)
WAVES 9.41 Increased By ▲ 0.26 (2.84%)
WTL 1.36 Decreased By ▼ -0.02 (-1.45%)
BR100 4,186 Increased By 30.5 (0.73%)
BR30 15,467 Increased By 131.3 (0.86%)
KSE100 41,819 Increased By 279.4 (0.67%)
KSE30 15,448 Increased By 82.9 (0.54%)
Follow us

Australian shares hit a more than two-month low on Friday, as investors returning to trading after a one-day holiday exited riskier assets, following the US Federal Reserve reiterating its hawkish monetary policy outlook to fight searing inflation.

The S&P/ASX 200 index slumped as much as 1.4% to 6,602.6 by 0040 GMT, to hit its lowest level since July, with all but one subindex trading in the red.

Australian markets were closed on Thursday for a public holiday.

Shares tumbled globally on Thursday, after the Fed raised its key policy rate by another 75 basis points for the third consecutive time on Wednesday and warned of further increases, fuelling concerns of a recession.

In Sydney trading, financials led the laggards, shedding about 1.8% and losing for the sixth straight week, with the country’s largest banks falling between 1% and 1.3%.

The technology index lost about 3.6% to hit their lowest since mid-July, tracking their peers on the Nasdaq Composite Index, with accounting service provider Xero Ltd as ASX-listed shares of Block Inc dropping 4.3% and 8.9%, respectively.

Commodity stocks drag Australian shares to 2-month low ahead of Fed decision

Healthcare stocks suffered a similar fate, skidding 1.1%, with index major CSL Ltd falling 0.4%.

Miners provided some respite to an otherwise negative benchmark, rising nearly 1%, as iron ore prices rebounded in China upon higher demand for the steel making ingredient.

The major mining trio Rio Tinto, BHP Group and Fortescue Metals rose in the range of 0.4% and 2.8%.

OZ Minerals’ shares rose 1.1%, after the miner said it would would invest about $1.13 billion to develop the West Musgrave copper-nickel project in Western Australia, as it looks to cash in on increasing demand for battery metals.

In New Zealand, the benchmark S&P/NZX 50 index fell 0.6% to 11,442.1.

Comments

Comments are closed.

Australia shares hit over two-month low on Fed’s stance; banks, tech stocks weigh

Finance Minister Dar briefs President Alvi on country’s economic situation

Arshad Sharif murder case: Supreme Court orders formation of new JIT

Rupee registers marginal decline, settles at 224.16 against US dollar

President for improving Pakistan’s IT ecosystem to facilitate growth

ECP supports use of electronic voting machines: Chief Election Commissioner

China announces nationwide loosening of Covid restrictions

UNGA adopts Pakistan-piloted resolution to bolster UN’s relief system

Japan announces additional $38.9mn for flood victims

One killed as Bangladesh police fire at opposition rally

Oil dips, hits lowest since January as U.S. data fans fuel demand fears