AGL 38.89 Increased By ▲ 0.41 (1.07%)
AIRLINK 203.50 Increased By ▲ 0.48 (0.24%)
BOP 10.06 Decreased By ▼ -0.11 (-1.08%)
CNERGY 6.44 Decreased By ▼ -0.10 (-1.53%)
DCL 9.46 Decreased By ▼ -0.12 (-1.25%)
DFML 39.70 Decreased By ▼ -0.32 (-0.8%)
DGKC 98.85 Increased By ▲ 0.77 (0.79%)
FCCL 35.50 Increased By ▲ 0.54 (1.54%)
FFBL 88.39 Increased By ▲ 1.96 (2.27%)
FFL 13.90 No Change ▼ 0.00 (0%)
HUBC 130.40 Decreased By ▼ -1.17 (-0.89%)
HUMNL 13.91 Decreased By ▼ -0.11 (-0.78%)
KEL 5.48 Decreased By ▼ -0.13 (-2.32%)
KOSM 7.55 Increased By ▲ 0.28 (3.85%)
MLCF 46.25 Increased By ▲ 0.66 (1.45%)
NBP 61.75 Decreased By ▼ -4.63 (-6.97%)
OGDC 220.80 Increased By ▲ 0.04 (0.02%)
PAEL 39.70 Increased By ▲ 1.22 (3.17%)
PIBTL 8.77 Decreased By ▼ -0.14 (-1.57%)
PPL 198.80 Increased By ▲ 0.92 (0.46%)
PRL 39.45 Increased By ▲ 0.42 (1.08%)
PTC 25.70 Increased By ▲ 0.23 (0.9%)
SEARL 106.97 Increased By ▲ 3.92 (3.8%)
TELE 9.11 Increased By ▲ 0.09 (1%)
TOMCL 36.40 Decreased By ▼ -0.01 (-0.03%)
TPLP 13.85 Increased By ▲ 0.10 (0.73%)
TREET 25.06 Decreased By ▼ -0.06 (-0.24%)
TRG 57.71 Decreased By ▼ -0.33 (-0.57%)
UNITY 33.55 Decreased By ▼ -0.12 (-0.36%)
WTL 1.72 Increased By ▲ 0.01 (0.58%)
BR100 11,929 Increased By 38.5 (0.32%)
BR30 37,311 Decreased By -45.1 (-0.12%)
KSE100 110,837 Decreased By -233.4 (-0.21%)
KSE30 34,844 Decreased By -65.1 (-0.19%)

Australian shares eked out modest gains on Monday, as investors assessed moves made by global authorities to rein in lingering concerns over a turmoil in the global banking system, while a deal for troubled Silicon Valley Bank brought in some relief.

The S&P/ASX 200 index finished 0.1% higher at 6,962.0, after gaining as much as 0.5% earlier in the session.

The Federal Deposit Insurance Corporation (FDIC) confirmed on Monday First Citizens BancShares Inc will acquire all of Silicon Valley Bank’s deposits and loans from the regulator, bringing some respite to markets which have been roiled by worries of a credit crunch and wider banking crisis.

In Australia this week, investor focus would be on retail sales data and monthly inflation indicator for February- data sets likely to help shape expectations for the Reserve Bank of Australia’s policy meeting on April 4.

“This week attention will again be on the banking sector as markets continue to press for banking pressure points and…on the spillover effects of the banking crisis on credit flow, growth, inflation, and the path of central bank policy,” IG analyst Tony Sycamore said.

In Sydney, financials pared gains to finish 0.2% lower, after rising 0.8% earlier in the session, with two of the “Big Four” banks adding between 0.1% and 0.7%.

Meanwhile, the country’s lower house passed an emissions reduction plan with curbs on some new gas and coal investments and a cap on total greenhouse gas emissions from Australia’s biggest polluters.

Australia shares slip as rate hike woes linger; logs seventh weekly loss

Energy firms skidded 2.3% and were the only major laggards on the benchmark, with sector majors Woodside and Santos down 3.4% and 1.6%, respectively.

“Investors are seeing the updated legislation as negative- pointing to the fear that the sector is gonna take a hit in terms of gas investments and that’s why we’re seeing a weakness across the energy sector today,” said Josh Gilbert, market analyst at eToro.

The country’s top fuel supplier Ampol was among the top losers on the benchmark, falling up to 2.3% after it flagged a hit to gasoline production at its refinery in Queensland. Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index edged up 0.3% to 11,612.9 points.

Comments

Comments are closed.