AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.00 Decreased By ▼ -0.53 (-0.41%)
BOP 6.76 Increased By ▲ 0.08 (1.2%)
CNERGY 4.50 Decreased By ▼ -0.13 (-2.81%)
DCL 8.70 Decreased By ▼ -0.24 (-2.68%)
DFML 41.00 Decreased By ▼ -0.69 (-1.66%)
DGKC 81.30 Decreased By ▼ -2.47 (-2.95%)
FCCL 32.68 Decreased By ▼ -0.09 (-0.27%)
FFBL 74.25 Decreased By ▼ -1.22 (-1.62%)
FFL 11.75 Increased By ▲ 0.28 (2.44%)
HUBC 110.03 Decreased By ▼ -0.52 (-0.47%)
HUMNL 13.80 Decreased By ▼ -0.76 (-5.22%)
KEL 5.29 Decreased By ▼ -0.10 (-1.86%)
KOSM 7.63 Decreased By ▼ -0.77 (-9.17%)
MLCF 38.35 Decreased By ▼ -1.44 (-3.62%)
NBP 63.70 Increased By ▲ 3.41 (5.66%)
OGDC 194.88 Decreased By ▼ -4.78 (-2.39%)
PAEL 25.75 Decreased By ▼ -0.90 (-3.38%)
PIBTL 7.37 Decreased By ▼ -0.29 (-3.79%)
PPL 155.74 Decreased By ▼ -2.18 (-1.38%)
PRL 25.70 Decreased By ▼ -1.03 (-3.85%)
PTC 17.56 Decreased By ▼ -0.90 (-4.88%)
SEARL 78.71 Decreased By ▼ -3.73 (-4.52%)
TELE 7.88 Decreased By ▼ -0.43 (-5.17%)
TOMCL 33.61 Decreased By ▼ -0.90 (-2.61%)
TPLP 8.41 Decreased By ▼ -0.65 (-7.17%)
TREET 16.26 Decreased By ▼ -1.21 (-6.93%)
TRG 58.60 Decreased By ▼ -2.72 (-4.44%)
UNITY 27.51 Increased By ▲ 0.08 (0.29%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,450 Increased By 43.4 (0.42%)
BR30 31,209 Decreased By -504.2 (-1.59%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

Australian shares closed higher on Tuesday, boosted by technology and banking stocks, at a time when the country's central banks held rates at a record low and the West cranked up sanctions against Russia over its invasion of Ukraine.

The S&P/ASX 200 index ended 0.7% higher at 7,096.5, extending gains to a third straight session, and climbing in tandem with firmer moves on broader Asian markets.

The Reserve Bank of Australia kept its cash rate at a record low of 0.1% and cited the war in Ukraine as a major new source of uncertainty as it stressed patience on tightening policy.

"The market is probably pricing in the move towards hikes as the geopolitical situation calms down", said Damian Rooney, director of equity sales at Argonaut, adding that investors are eyeing the Federal Reserve March meeting for a rake hike.

Australian shares rise after Ukraine sell-off, tech stocks shine

Tech stocks jumped 5.7%, tracking peers on Wall Street, with Block Inc's Australian shares soaring 12.8%.

The country's biggest lender Commonwealth Bank of Australia jumped 1.5% after saying it will sell a 10% stake of China's Bank of Hangzhou for about A$1.8 billion ($1.30 billion), exiting a nearly two-decade-old investment amid market pressure.

The other three of the "Big Four" banks advanced between 0.7% and 1.5%, lifting the financial sub-index 1.02% higher.

The Western Australian government opening borders will, hopefully, ease supply chain issues that the country has been seeing since last year, Rooney said.

Among other individual shares, lithium and nickel miner IGO added 6.7% after it discontinued negotiations with UK-based Glencore Plc to buy its CSA copper mine in New South Wales state.

In New Zealand, the benchmark S&P/NZX 50 index closed 1.8% higher at 12,197.92.

Comments

Comments are closed.