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 9,809 Increased By 41.1 (0.42%)
BR30 29,711 Increased By 311.1 (1.06%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)

Australian shares on Tuesday hit their lowest in over three months, dragged by mining and commodity stocks, as worries about the global economic impact of extended COVID-19 curbs in China and tightening monetary policies spurred a broad-based sell-off.

The S&P/ASX 200 index dropped 2.5% to 6,943.80 by 0033 GMT, after hitting their lowest since Jan. 31 earlier in the session.

The benchmark closed 1.2% lower on Monday. Global financial markets have been spooked by concerns over interest-rate hikes, with stringent COVID-19 lockdowns in China slowing April export growth in the world’s second-largest economy and fuelling recession worries. In Asia, Japan’s Nikkei was down 1.89% and S&P 500 E-minis futures were down 0.39%.

In the domestic market, miners led the losses with their 5% slide and touched their lowest since December 2021.

Australian shares fall as recession risks dent investor appetite

Sector heavyweights BHP Group, Rio Tinto and Fortescue Metals Group were down between 4.2% and 6.1%.

Iron ore futures plunged as much as 7% COVID-19 curbs in China prompted traders to be cautious and fuelled concerns over global demand. Energy stocks slid 4.5% after oil prices sank.

Woodside Petroleum and Santos fell 3.1% and 4.1%, respectively. Gold stocks declined 4.4% in their third session of losses after gold prices extended losses after a surge in the dollar to two-decade highs harmed the appeal of non-yielding bullion.

Technology stocks tracked a sharp overnight fall in the tech-heavy Nasdaq Composite index, which closed at its lowest level since November 2020.

The Australian technology sub-index fell as much as 5.2% to hit its lowest in nearly two years with all other sectors also trading in negative.

New Zealand’s benchmark S&P/NZX 50 index dropped 1.7% to 11,186.36.

Comments

Comments are closed.