AGL 40.35 Increased By ▲ 0.34 (0.85%)
AIRLINK 126.90 Decreased By ▼ -1.09 (-0.85%)
BOP 6.62 Increased By ▲ 0.02 (0.3%)
CNERGY 4.44 Decreased By ▼ -0.16 (-3.48%)
DCL 8.55 Increased By ▲ 0.07 (0.83%)
DFML 41.70 Increased By ▲ 0.22 (0.53%)
DGKC 86.79 Increased By ▲ 0.21 (0.24%)
FCCL 32.18 Increased By ▲ 0.04 (0.12%)
FFBL 64.87 Decreased By ▼ -0.55 (-0.84%)
FFL 10.17 Decreased By ▼ -0.08 (-0.78%)
HUBC 109.40 Decreased By ▼ -1.09 (-0.99%)
HUMNL 14.65 Decreased By ▼ -0.10 (-0.68%)
KEL 5.10 Decreased By ▼ -0.03 (-0.58%)
KOSM 7.40 Increased By ▲ 0.28 (3.93%)
MLCF 41.25 Decreased By ▼ -0.40 (-0.96%)
NBP 59.50 Decreased By ▼ -0.59 (-0.98%)
OGDC 194.16 Decreased By ▼ -0.53 (-0.27%)
PAEL 28.20 Increased By ▲ 0.25 (0.89%)
PIBTL 7.79 Decreased By ▼ -0.21 (-2.63%)
PPL 151.10 Decreased By ▼ -0.07 (-0.05%)
PRL 26.45 Decreased By ▼ -0.43 (-1.6%)
PTC 16.10 Increased By ▲ 0.10 (0.63%)
SEARL 78.50 Increased By ▲ 0.30 (0.38%)
TELE 7.46 Increased By ▲ 0.07 (0.95%)
TOMCL 35.31 Decreased By ▼ -0.36 (-1.01%)
TPLP 8.25 Increased By ▲ 0.34 (4.3%)
TREET 16.02 Increased By ▲ 0.13 (0.82%)
TRG 52.70 Decreased By ▼ -0.06 (-0.11%)
UNITY 26.70 Increased By ▲ 0.15 (0.56%)
WTL 1.26 Decreased By ▼ -0.01 (-0.79%)
BR100 9,880 Decreased By -39.9 (-0.4%)
BR30 30,637 Decreased By -114.2 (-0.37%)
KSE100 93,075 Decreased By -149.5 (-0.16%)
KSE30 28,848 Decreased By -37.3 (-0.13%)

SYDNEY: Australian shares notched up their best week in 12 on Friday, helped by robust gains in banks as the country’s central bank left borrowing costs unchanged at a 12-year high earlier this week.

The benchmark index S&P/ASX 200 ended 0.8% higher on Friday, rising 2.2% for the week - the most since the week ended Aug. 16.

The Reserve Bank of Australia (RBA) remained unconvinced that the economy was ready for rate cuts, even as inflation dropped to a more than three-and-a-half-year low in the third quarter.

Financials closed the week 3.6% higher. Banks tend to thrive in a high interest rate environment.

Commonwealth Bank of Australia, the country’s largest lender, gained 3.6%, while ANZ climbed 3.4% for the week.

“Our assessment is the RBA wants to see at least one more quarterly print of lower inflation, before it considers cutting rates,” UBS said in a note.

“Hence, the earliest timing for the first RBA rate cut remains after the Q4-2024 quarterly inflation data, received ahead of its meeting in February 2025.”

Comments

200 characters