AIRLINK 172.79 Decreased By ▼ -2.94 (-1.67%)
BOP 13.29 Increased By ▲ 0.17 (1.3%)
CNERGY 7.41 Decreased By ▼ -0.13 (-1.72%)
FCCL 43.35 Decreased By ▼ -0.56 (-1.28%)
FFL 14.89 Decreased By ▼ -0.12 (-0.8%)
FLYNG 26.45 Decreased By ▼ -0.45 (-1.67%)
HUBC 129.70 Decreased By ▼ -0.53 (-0.41%)
HUMNL 13.25 Decreased By ▼ -0.09 (-0.67%)
KEL 4.44 Decreased By ▼ -0.06 (-1.33%)
KOSM 6.01 Decreased By ▼ -0.05 (-0.83%)
MLCF 55.50 Decreased By ▼ -0.53 (-0.95%)
OGDC 212.15 Decreased By ▼ -2.62 (-1.22%)
PACE 5.91 Decreased By ▼ -0.07 (-1.17%)
PAEL 41.15 Increased By ▲ 0.25 (0.61%)
PIAHCLA 16.36 Increased By ▲ 0.04 (0.25%)
PIBTL 9.57 Decreased By ▼ -0.18 (-1.85%)
POWER 11.54 Decreased By ▼ -0.22 (-1.87%)
PPL 178.40 Decreased By ▼ -3.08 (-1.7%)
PRL 33.44 Decreased By ▼ -0.78 (-2.28%)
PTC 22.82 Decreased By ▼ -0.24 (-1.04%)
SEARL 94.20 Decreased By ▼ -1.52 (-1.59%)
SILK 1.18 Increased By ▲ 0.04 (3.51%)
SSGC 34.90 Decreased By ▼ -0.55 (-1.55%)
SYM 15.79 Increased By ▲ 0.04 (0.25%)
TELE 7.81 Decreased By ▼ -0.06 (-0.76%)
TPLP 10.80 Decreased By ▼ -0.18 (-1.64%)
TRG 60.72 Increased By ▲ 0.22 (0.36%)
WAVESAPP 10.76 Decreased By ▼ -0.05 (-0.46%)
WTL 1.33 Decreased By ▼ -0.02 (-1.48%)
YOUW 3.80 Increased By ▲ 0.03 (0.8%)
BR100 12,035 Decreased By -18.8 (-0.16%)
BR30 36,355 Decreased By -112 (-0.31%)
KSE100 113,712 Decreased By -644.2 (-0.56%)
KSE30 35,053 Decreased By -294.3 (-0.83%)

SINGAPORE: Japanese rubber futures are set for a seventh drop in eight days on Tuesday, as oil prices slid and investor confidence took a hit amid looming fears of a US banking crisis and caution ahead of inflation data due later in the day.

The Osaka Exchange (OSE) rubber contract for August delivery was down 2.2 yen, or 1%, at 215.5 yen ($1.61) per kg, as of 0202 GMT. The rubber contract on the Shanghai futures exchange (SHFE) for May delivery was up 25 yuan, or 0.21%, at 11,980 yuan ($1,745.24) per tonne.

Japan’s benchmark Nikkei average opened 1.35% lower. Japanese banking shares tumbled to the lowest in nearly three months on Tuesday, dragging the Nikkei share average down more 2%, as investors rushed for the exit amid worries about contagion from Silicon Valley Bank’s collapse.

The Japanese yen softened 0.40% to 133.72 per dollar. A weaker currency makes yen-denominated assets more affordable when purchased in other currencies. Still, oil prices slipped on Tuesday, extending the previous day’s slide.

Lower oil prices incentivise manufacturers to shift to synthetic rubber derived from oil, hindering the natural rubber market. Asia’s share markets slid, with Japan’s financial stocks leading losses, as fears of US banking rout gripped investors ahead of crucial inflation data due later in the day. The front-month rubber contract on Singapore Exchange’s SICOM platform for April delivery last traded at 133.3 US cents per kg, up 0.8%.

Comments

Comments are closed.