AIRLINK 174.80 Increased By ▲ 4.23 (2.48%)
BOP 11.52 Increased By ▲ 0.34 (3.04%)
CNERGY 8.50 Increased By ▲ 0.09 (1.07%)
CPHL 99.70 Decreased By ▼ -0.03 (-0.03%)
FCCL 46.55 Decreased By ▼ -0.05 (-0.11%)
FFL 15.41 Increased By ▲ 0.26 (1.72%)
FLYNG 28.00 Increased By ▲ 0.45 (1.63%)
HUBC 143.19 Increased By ▲ 5.41 (3.93%)
HUMNL 12.90 Decreased By ▼ -0.02 (-0.15%)
KEL 4.57 Increased By ▲ 0.03 (0.66%)
KOSM 5.39 Increased By ▲ 0.03 (0.56%)
MLCF 62.10 Decreased By ▼ -0.30 (-0.48%)
OGDC 212.11 Decreased By ▼ -0.05 (-0.02%)
PACE 5.40 Decreased By ▼ -0.02 (-0.37%)
PAEL 47.04 Decreased By ▼ -0.14 (-0.3%)
PIAHCLA 18.13 Decreased By ▼ -0.35 (-1.89%)
PIBTL 10.91 Increased By ▲ 0.55 (5.31%)
POWER 12.25 Decreased By ▼ -0.08 (-0.65%)
PPL 170.97 Increased By ▲ 1.37 (0.81%)
PRL 35.76 Decreased By ▼ -0.09 (-0.25%)
PTC 23.19 Increased By ▲ 0.10 (0.43%)
SEARL 96.95 Increased By ▲ 0.69 (0.72%)
SSGC 41.13 Increased By ▲ 1.61 (4.07%)
SYM 14.04 Increased By ▲ 0.20 (1.45%)
TELE 7.15 No Change ▼ 0.00 (0%)
TPLP 10.00 Decreased By ▼ -0.03 (-0.3%)
TRG 64.23 Increased By ▲ 0.75 (1.18%)
WAVESAPP 10.02 Increased By ▲ 0.03 (0.3%)
WTL 1.32 Increased By ▲ 0.01 (0.76%)
YOUW 3.68 Increased By ▲ 0.02 (0.55%)
BR100 12,448 Increased By 143.3 (1.16%)
BR30 37,931 Increased By 516.1 (1.38%)
KSE100 116,312 Increased By 1458.5 (1.27%)
KSE30 35,666 Increased By 449.2 (1.28%)

BENGALURU: Asian currencies gained ground against a weaker dollar on Thursday, and equities climbed with those in Taiwan touching a record high, as data suggested the US economy was cooling, fuelling hopes for a September rate cut by the Federal Reserve.

Taipei stocks rose as much as 1.6% to touch a record high, boosted by chip stocks following a strong overnight performance on Wall Street. Equities in Singapore inched up 0.6% to remain at their highest level since April 2022.

Manila shares rose 0.9% to their highest level in a month, while stocks in Jakarta gained 0.7% to record their highest level since May-end.

Regional currencies also edged higher, with the South Korean won, the Taiwanese dollar and the Malaysian ringgit appreciating between 0.2% and 0.3%.

The dollar index was on the back foot on Thursday after the release of softer-than-expected economic data on Wednesday, including a weak services report and ADP employment figures, indicated a slowdown in the US economy.

Meanwhile, minutes of the Fed’s June 11-12 meeting showed that officials noted a slowing US economy and reduced price pressures, advocating caution before deciding on interest rate cuts.

As a result, investors are betting the Fed’s easing cycle could commence in September. Markets are now pricing in about a 67% chance of the Fed cutting interest rates at its September meeting compared to about 60% a week ago, according to the CME FedWatch Tool.

Comments

Comments are closed.