AIRLINK 166.94 Decreased By ▼ -1.57 (-0.93%)
BOP 9.71 Decreased By ▼ -0.08 (-0.82%)
CNERGY 7.82 Decreased By ▼ -0.17 (-2.13%)
CPHL 88.87 Increased By ▲ 0.90 (1.02%)
FCCL 44.58 Increased By ▲ 0.65 (1.48%)
FFL 15.41 Decreased By ▼ -0.11 (-0.71%)
FLYNG 28.62 Increased By ▲ 0.68 (2.43%)
HUBC 139.39 Increased By ▲ 1.42 (1.03%)
HUMNL 12.07 Decreased By ▼ -0.30 (-2.43%)
KEL 4.20 Decreased By ▼ -0.04 (-0.94%)
KOSM 5.48 Decreased By ▼ -0.08 (-1.44%)
MLCF 67.46 Increased By ▲ 2.67 (4.12%)
OGDC 212.37 Increased By ▲ 0.68 (0.32%)
PACE 5.53 Decreased By ▼ -0.20 (-3.49%)
PAEL 44.31 Decreased By ▼ -0.71 (-1.58%)
PIAHCLA 16.80 Decreased By ▼ -0.29 (-1.7%)
PIBTL 9.37 Increased By ▲ 0.14 (1.52%)
POWER 14.28 Decreased By ▼ -0.17 (-1.18%)
PPL 164.05 Decreased By ▼ -2.35 (-1.41%)
PRL 29.41 Decreased By ▼ -1.24 (-4.05%)
PTC 21.30 Increased By ▲ 0.10 (0.47%)
SEARL 88.99 Decreased By ▼ -1.48 (-1.64%)
SSGC 40.49 Decreased By ▼ -0.56 (-1.36%)
SYM 14.64 Increased By ▲ 0.16 (1.1%)
TELE 7.17 Decreased By ▼ -0.22 (-2.98%)
TPLP 9.15 Decreased By ▼ -0.22 (-2.35%)
TRG 64.27 Decreased By ▼ -0.73 (-1.12%)
WAVESAPP 9.42 Decreased By ▼ -0.09 (-0.95%)
WTL 1.29 Decreased By ▼ -0.02 (-1.53%)
YOUW 3.65 Decreased By ▼ -0.07 (-1.88%)
AIRLINK 166.94 Decreased By ▼ -1.57 (-0.93%)
BOP 9.71 Decreased By ▼ -0.08 (-0.82%)
CNERGY 7.82 Decreased By ▼ -0.17 (-2.13%)
CPHL 88.87 Increased By ▲ 0.90 (1.02%)
FCCL 44.58 Increased By ▲ 0.65 (1.48%)
FFL 15.41 Decreased By ▼ -0.11 (-0.71%)
FLYNG 28.62 Increased By ▲ 0.68 (2.43%)
HUBC 139.39 Increased By ▲ 1.42 (1.03%)
HUMNL 12.07 Decreased By ▼ -0.30 (-2.43%)
KEL 4.20 Decreased By ▼ -0.04 (-0.94%)
KOSM 5.48 Decreased By ▼ -0.08 (-1.44%)
MLCF 67.46 Increased By ▲ 2.67 (4.12%)
OGDC 212.37 Increased By ▲ 0.68 (0.32%)
PACE 5.53 Decreased By ▼ -0.20 (-3.49%)
PAEL 44.31 Decreased By ▼ -0.71 (-1.58%)
PIAHCLA 16.80 Decreased By ▼ -0.29 (-1.7%)
PIBTL 9.37 Increased By ▲ 0.14 (1.52%)
POWER 14.28 Decreased By ▼ -0.17 (-1.18%)
PPL 164.05 Decreased By ▼ -2.35 (-1.41%)
PRL 29.41 Decreased By ▼ -1.24 (-4.05%)
PTC 21.30 Increased By ▲ 0.10 (0.47%)
SEARL 88.99 Decreased By ▼ -1.48 (-1.64%)
SSGC 40.49 Decreased By ▼ -0.56 (-1.36%)
SYM 14.64 Increased By ▲ 0.16 (1.1%)
TELE 7.17 Decreased By ▼ -0.22 (-2.98%)
TPLP 9.15 Decreased By ▼ -0.22 (-2.35%)
TRG 64.27 Decreased By ▼ -0.73 (-1.12%)
WAVESAPP 9.42 Decreased By ▼ -0.09 (-0.95%)
WTL 1.29 Decreased By ▼ -0.02 (-1.53%)
YOUW 3.65 Decreased By ▼ -0.07 (-1.88%)
BR100 12,327 Increased By 71.3 (0.58%)
BR30 36,803 Increased By 80.1 (0.22%)
KSE100 115,469 Increased By 449.5 (0.39%)
KSE30 35,563 Increased By 234.3 (0.66%)

Australian shares closed lower on Monday, starting the second half of 2024 on a sombre note, as political uncertainties in Europe weighed on investor sentiment ahead of the minutes of the Reserve Bank of Australia’s latest policy meeting.

The S&P/ASX 200 index fell 0.2% to 7,750.7 at the close of trade. The benchmark rose 2.3% in the first half of the year after having risen more than 5% in the second half of 2023.

“The ASX 200 kicked off the week cautiously, with all eyes on two potentially history-changing elections in Europe,” Hebe Chen, a market analyst at IG Markets said.

“Sensible investors are busy digesting the results of the first round in France and pondering the implications for the rest of the week and months ahead.”

Investors are also cautiously awaiting the minutes of RBA’s last policy meeting, due on Tuesday, after data last week showed surprisingly strong inflation in May.

Australian shares set to post modest H1 gains as economic woes weigh

“Further monetary tightening and an economy struggling to avoid recession will be the most notable hurdles in the months ahead,” IG Markets’ Chen said.

Investors are also assessing if and when the U.S. Federal Reserve will start cutting interest rates after data on Friday showed U.S. monthly inflation was unchanged in May.

Market pricing now points to about a 63% chance of a Fed cut in September, as compared to an even chance a month ago, according to the CME FedWatch tool.

In Sydney, interest rate sensitive financial stocks declined 0.5%, with the Commonwealth Bank of Australia and National Australia Bank falling 0.9% and 0.4%, respectively.

Technology stocks retreated 2.2% tracking Wall Street peers.

Mining stocks jumped 1.1% as iron ore prices rose on China stimulus hopes and better economic data.

New Zealand’s benchmark S&P/NZX 50 index advanced 0.6% to 11,789.39.

Comments

Comments are closed.