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

Australia shares end at six-week low; EML Payments tanks on regulatory action fears

  • Energy stocks slumped 2.8%, tracking a downturn in oil prices on demand concerns over rising COVID-19 cases in Asia.
Published May 19, 2021

Australian shares closed at a six-week low on Wednesday, dragged down by losses in heavyweight bank and mining stocks, while EML Payments Ltd was the top loser on the benchmark index on fears of regulatory curbs on its Irish unit.

The benchmark ASX 200 index snapped a three-day rally to end 1.9% lower at 6,931.70, its lowest close since April 7.

"It's a widespread sell off, no sectors have been exempted from the selling, including those mining stocks that have had improvements in commodity prices," said Steven Daghlian, market analyst at CommSec.

"There are concerns in the US with significantly higher inflation...something to keep in mind is that we're coming off the back of three straight days of gains."

Payments services provider EML Payments tanked nearly 46%, after it said that its Ireland unit could face regulatory curbs.

Among sectors, gold stocks shed 2.8% despite bullion prices hitting a near four-month high.

St Barbara, down nearly 7%, was the top loser on the sub-index for a second session in a row after the miner cut its annual gold output forecast.

The financial sub-index closed down nearly 2%. The "Big Four" banks lost between 1.4% and 2.6%.

Miners dropped 3.3% to hit their lowest close in two weeks, with heavyweights Rio Tinto, BHP Group and Fortescue Metals losing between 3.2% to 3.9%.

Energy stocks slumped 2.8%, tracking a downturn in oil prices on demand concerns over rising COVID-19 cases in Asia.

Heavyweights Woodside Petroleum and Santos lost 2.6% and 2.2%, respectively.

In New Zealand, the benchmark NZX 50 index declined 1.2% to end at 12,281.5.

The focus is now on the release of the country's budget this week, which is expected to target spending on curbing issues of rising homelessness and inequality.

Comments

Comments are closed.