AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)
Markets

Australian shares skid as concerns over bond yields persist

  • Oil Search rose 4.51% and Woodside Petroleum gained 3.9%.
Published March 5, 2021

Australian shares fell on Friday, following a slump on Wall Street as investors turned jittery after US Federal Reserve Chair Jerome Powell failed to quell concerns around rising US bond yields.

The S&P/ASX 200 index fell as much as 1.1% to 6,687.1 by 0002 GMT.

Overnight, the Dow Jones Industrial Average fell 1.1% and the S&P 500 lost 1.3%. The Nasdaq dropped 2.1% and was down nearly 10% from its February record high.

Powell's comments did not point to changes in the Fed's asset purchases to tackle the recent jump in yields, even as some investors had expected it would step up purchases of long-term bonds.

The Australian benchmark was still on track to record modest gains for the week, helped by upbeat fourth-quarter gross domestic product data and the central bank's pledge to hold interest rates at a record low earlier this week.

Technology stocks tracked losses in the tech-heavy Nasdaq and fell 3.5%. Nearmap shed 4.1%, while buy-now-pay-later giant Afterpay gave up 2.8%.

The mining sub-index slid 0.6%, weighed down by a 12.5% drop in lithium-boron supplier Ioneer after a discounted share placement.

Heavyweights Rio Tinto and BHP declined as much as 2.9% and 2.1%, respectively.

However, energy stocks outperformed as they surged 3.1% after crude prices hit a more than one-year high overnight.

Oil Search rose 4.51% and Woodside Petroleum gained 3.9%.

New Zealand's benchmark S&P/NZX 50 index fell 0.8% to 12,121.6.

Dairy producer Fonterra hit its highest since August 2018 after it raised the outlook for prices it would pay farmers for the 2021 season for the second time in just over a month.

Comments

Comments are closed.