AGL 23.81 Decreased By ▼ -0.54 (-2.22%)
AIRLINK 103.60 Increased By ▲ 0.60 (0.58%)
BOP 5.66 Decreased By ▼ -0.05 (-0.88%)
CNERGY 3.93 Decreased By ▼ -0.03 (-0.76%)
DCL 8.36 Decreased By ▼ -0.14 (-1.65%)
DFML 41.70 Decreased By ▼ -1.29 (-3%)
DGKC 88.30 Decreased By ▼ -0.60 (-0.67%)
FCCL 22.70 No Change ▼ 0.00 (0%)
FFBL 40.88 Increased By ▲ 2.68 (7.02%)
FFL 8.96 Decreased By ▼ -0.15 (-1.65%)
HUBC 160.49 Decreased By ▼ -3.21 (-1.96%)
HUMNL 11.46 Decreased By ▼ -0.34 (-2.88%)
KEL 4.82 Decreased By ▼ -0.03 (-0.62%)
KOSM 4.09 Decreased By ▼ -0.04 (-0.97%)
MLCF 38.60 Increased By ▲ 0.19 (0.49%)
NBP 53.60 Increased By ▲ 0.75 (1.42%)
OGDC 130.60 Decreased By ▼ -2.29 (-1.72%)
PAEL 25.36 Decreased By ▼ -0.29 (-1.13%)
PIBTL 6.25 Decreased By ▼ -0.13 (-2.04%)
PPL 118.90 Decreased By ▼ -0.60 (-0.5%)
PRL 23.95 Decreased By ▼ -0.65 (-2.64%)
PTC 12.92 Increased By ▲ 0.28 (2.22%)
SEARL 59.11 Decreased By ▼ -0.49 (-0.82%)
TELE 7.43 Decreased By ▼ -0.06 (-0.8%)
TOMCL 34.99 Decreased By ▼ -0.16 (-0.46%)
TPLP 8.72 Decreased By ▼ -0.13 (-1.47%)
TREET 15.90 Increased By ▲ 0.10 (0.63%)
TRG 55.95 Decreased By ▼ -1.95 (-3.37%)
UNITY 34.95 Increased By ▲ 0.06 (0.17%)
WTL 1.20 Decreased By ▼ -0.02 (-1.64%)
BR100 8,536 Decreased By -8.5 (-0.1%)
BR30 27,187 Decreased By -204 (-0.74%)
KSE100 79,944 Decreased By -48.3 (-0.06%)
KSE30 25,500 Decreased By -43.9 (-0.17%)

SYDNEY: Australian shares finished 0.6% lower on Friday, with banking stocks weighing the most on the benchmark, after the country’s central bank warned of upside risks to inflation and the US Federal Reserve Chair’s hawkish remarks.

The S&P/ASX 200 index fell 0.6% to 6,976.500 points. The benchmark closed 0.3% higher on Thursday.

In its quarterly statement on monetary policy, the Reserve Bank of Australia (RBA) said there was “potential for further upside surprises to inflation,” pointing to domestic cost pressures and external factors such as global warming.

Additionally, Federal Chair Jerome Powell overnight said Fed officials “are not confident” that interest rates were yet high enough to finish the battle with inflation, adding to investor worries.

“Both the Fed and the RBA have successfully poured cold water on the surging notion of a peaked rate to highlight the undesired reality: the interest rate guessing game is far from being over,” said Hebe Chen, a market analyst at IG Markets.

“It appears that the central bank’s tightening journey has entered a new stage, characterised by more uncertainty and unpredictability.” In Sydney, rate-sensitive financials led losses on the local bourse, falling 1%. The ‘big four’ banks lost between 0.8% and 1.8%.

National Australia Bank was the top drag on the benchmark, falling 1.8% to a 10-day low after its annual cash profit missed analyst estimates.

Energy stocks ended 1.5% lower, logging their lowest close since May 5, as oil prices struggled on supply disruption worries stemming from the Israel-Hamas conflict.

Comments

Comments are closed.