AIRLINK 204.45 Increased By ▲ 3.55 (1.77%)
BOP 10.09 Decreased By ▼ -0.06 (-0.59%)
CNERGY 6.91 Increased By ▲ 0.03 (0.44%)
FCCL 34.83 Increased By ▲ 0.74 (2.17%)
FFL 17.21 Increased By ▲ 0.23 (1.35%)
FLYNG 24.52 Increased By ▲ 0.48 (2%)
HUBC 137.40 Increased By ▲ 5.70 (4.33%)
HUMNL 13.82 Increased By ▲ 0.06 (0.44%)
KEL 4.91 Increased By ▲ 0.10 (2.08%)
KOSM 6.70 No Change ▼ 0.00 (0%)
MLCF 44.31 Increased By ▲ 0.98 (2.26%)
OGDC 221.91 Increased By ▲ 3.16 (1.44%)
PACE 7.09 Increased By ▲ 0.11 (1.58%)
PAEL 42.97 Increased By ▲ 1.43 (3.44%)
PIAHCLA 17.08 Increased By ▲ 0.01 (0.06%)
PIBTL 8.59 Decreased By ▼ -0.06 (-0.69%)
POWER 9.02 Decreased By ▼ -0.09 (-0.99%)
PPL 190.60 Increased By ▲ 3.48 (1.86%)
PRL 43.04 Increased By ▲ 0.98 (2.33%)
PTC 25.04 Increased By ▲ 0.05 (0.2%)
SEARL 106.41 Increased By ▲ 6.11 (6.09%)
SILK 1.02 Increased By ▲ 0.01 (0.99%)
SSGC 42.91 Increased By ▲ 0.58 (1.37%)
SYM 18.31 Increased By ▲ 0.33 (1.84%)
TELE 9.14 Increased By ▲ 0.03 (0.33%)
TPLP 13.11 Increased By ▲ 0.18 (1.39%)
TRG 68.13 Decreased By ▼ -0.22 (-0.32%)
WAVESAPP 10.24 Decreased By ▼ -0.05 (-0.49%)
WTL 1.87 Increased By ▲ 0.01 (0.54%)
YOUW 4.09 Decreased By ▼ -0.04 (-0.97%)
BR100 12,137 Increased By 188.4 (1.58%)
BR30 37,146 Increased By 778.3 (2.14%)
KSE100 115,272 Increased By 1435.3 (1.26%)
KSE30 36,311 Increased By 549.3 (1.54%)

Canada’s main stock index fell on Thursday, with technology stocks leading the declines after the U.S. Federal Reserve signaled that more interest rate hikes are likely.

At 9:45 a.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was down 53.12 points, or 0.27%, at 19,961.97, set to snap a three-day winning streak if losses hold.

Technology stocks fell 1.1%, while energy edged up 0.2%, tracking higher crude oil prices after data showed a rise in refinery runs in top crude importer China.

The U.S. central bank left interest rates unchanged on Wednesday but hinted at more interest rate hikes this year that could go up to a half-a-percentage-point raise.

“The Fed was a little bit more hawkish than perhaps some people were thinking and we’ve seen markets coming down a little bit on that,” SIA Wealth Management Chief Market Strategist Colin Cieszynski said.

Traders now see a 65% chance of a 25-basis-point hike in July, according to the CME Group’s FedWatch tool.

However, a slew of data showed U.S. retail sales unexpectedly rose in May, while the jobs market remained resilient with initial claims for state unemployment benefits unchanged.

Meanwhile, Canada’s data showed housing starts fell 23% in May as groundbreaking decreased on multiple unit and single-family detached urban homes, while another set showed home sales rose 5.1% in May from April and were up 1.4% on an annual basis.

The Bank of Canada is expected to raise interest rate again in July to 5.00% after a surprise 25-bps increase last week.

Gibson Energy lost 1.6%, hitting an over two-year low intraday, as the energy infrastructure company plans to buy South Texas Gateway oil terminal from Buckeye Partners and its partners for $1.1 billion to expand into U.S. crude oil export markets.

Guru Organic Energy gained 5% after Stifel upgraded its rating on the beverage stock to “buy” from “hold”.

Comments

Comments are closed.