AGL 40.18 Increased By ▲ 0.18 (0.45%)
AIRLINK 127.48 Increased By ▲ 0.44 (0.35%)
BOP 6.62 Decreased By ▼ -0.05 (-0.75%)
CNERGY 4.50 Decreased By ▼ -0.01 (-0.22%)
DCL 8.59 Increased By ▲ 0.04 (0.47%)
DFML 41.95 Increased By ▲ 0.51 (1.23%)
DGKC 87.60 Increased By ▲ 0.75 (0.86%)
FCCL 32.65 Increased By ▲ 0.37 (1.15%)
FFBL 65.21 Increased By ▲ 0.41 (0.63%)
FFL 10.32 Increased By ▲ 0.07 (0.68%)
HUBC 109.49 Decreased By ▼ -0.08 (-0.07%)
HUMNL 14.65 Decreased By ▼ -0.03 (-0.2%)
KEL 5.13 Increased By ▲ 0.08 (1.58%)
KOSM 7.54 Increased By ▲ 0.08 (1.07%)
MLCF 41.78 Increased By ▲ 0.40 (0.97%)
NBP 59.90 Decreased By ▼ -0.51 (-0.84%)
OGDC 193.95 Increased By ▲ 3.85 (2.03%)
PAEL 28.24 Increased By ▲ 0.41 (1.47%)
PIBTL 7.84 Increased By ▲ 0.01 (0.13%)
PPL 151.76 Increased By ▲ 1.70 (1.13%)
PRL 26.60 Decreased By ▼ -0.28 (-1.04%)
PTC 16.12 Increased By ▲ 0.05 (0.31%)
SEARL 84.70 Decreased By ▼ -1.30 (-1.51%)
TELE 7.65 Decreased By ▼ -0.06 (-0.78%)
TOMCL 35.45 Increased By ▲ 0.04 (0.11%)
TPLP 8.15 Increased By ▲ 0.03 (0.37%)
TREET 16.09 Decreased By ▼ -0.32 (-1.95%)
TRG 52.80 Decreased By ▼ -0.49 (-0.92%)
UNITY 26.40 Increased By ▲ 0.24 (0.92%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 9,957 Increased By 73.1 (0.74%)
BR30 30,925 Increased By 325.2 (1.06%)
KSE100 93,860 Increased By 504.3 (0.54%)
KSE30 29,086 Increased By 154.7 (0.53%)

LONDON: UK shares extended losses on Thursday, hit by concerns about further monetary tightening by the Bank of England (BoE), while lower oil prices pulled down energy stocks.

The blue-chip FTSE 100 fell 0.7%, briefly touching a fresh eight-week low intraday.

Both FTSE indices fell sharply on Wednesday after still-high inflation data stoked worries of the BoE staying hawkish for longer.

“These numbers are unacceptable to central bankers and that’s why they’re still quite a bit of concern about where inflation is going,” said Geoffrey Yu, senior EMEA market strategist, BNY Mellon.

“It really matters less where interest rates are going to finish, it matters more how long are they going to stay there, that’s where the uncertainty is.” Bets of a 13th straight rate hike by the BoE in its next meeting remain elevated.

Rate-sensitive real estate and real estate investment continued to selloff, losing 1.7% each.

UK’s energy sector lost 2.3% to hit a two-month low, as oil prices slumped following Russian Deputy Prime Minister downplaying prospects of further OPEC+ production cuts at its meeting next week.

Precious metal miners slipped 2.0%, tracking gold prices lower.

The FTSE 250 fell 0.5%, as Pets At Home slipped 2.6% after the pet care firm reported lower annual pretax earnings.

Johnson Matthey dipped 3.2% after the autocatalyst maker also posted lower annual profit.

Cineworld tumbled 8.2% even after the cinema chain operator said it expected to emerge from bankruptcy protection.

Bucking the trend, Carnival gained 4.7% after Citigroup raised the cruise operator’s rating to “buy” from “hold”.

UK equities have traded rangebound since late April, as investors digested corporate earnings amid US debt deal uncertainties.

Global sentiment remained fragile as the US debt ceiling negotiations continued, as a June deadline inched closer, raising the risk of the world’s largest economy defaulting.

Comments

Comments are closed.