Australia: Shares set for worst day in over 1 week on tech slump
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[BENGALURU] Australian shares dropped on Thursday, set for their worst day in more than a week, as technology stocks tracked their Wall Street peers lower after investors reassessed the outlook for global growth amid broadening inflationary pressures.
The S&P/ASX 200 index was down 0.1 per cent at 7,373.50 points, as of 0009 GMT, on track for its worst day since March 15, if losses hold. The benchmark closed 0.5 per cent higher on Wednesday.
The local bourse encountered early pressure tracking a lower Wall Street overnight, with all three major US stock indexes closing more than 1 per cent lower.
Australian financials slipped 0.9 per cent, set for their worst day since March 7. The "Big Four" banks fell between 0.6 per cent and 1.3 per cent.
Separately, the country's No. 2 lender National Australia Bank Ltd said it will start a further on-market share buyback of up to A$2.5 billion (S$2.54 billion).
Technology stocks tracked their US peers lower to drop 1.8 per cent, poised for their worst day in nearly two weeks.
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Australian shares of Block Inc retreated as much as 4.7 per cent, while JB Hi-Fi climbed up to 4.6 per cent after the electronics retailer posted an upbeat quarterly total sales growth for Australia and New Zealand.
Commodities climbed, led by oil, as the Ukraine conflict continues, with Western leaders to meet on Thursday looking to place more sanctions on Russia.
Miners gained 1.4 per cent as iron ore prices edged up on Wednesday, with sector heavyweights Rio Tinto and BHP Group climbing 1.8 per cent and 1.3 per cent, respectively, while Fortescue Metals Group was down 0.1 per cent.
Energy stocks advanced 1.6 per cent, boosted by strong oil prices as disruptions to Russian and Kazakh crude exports via the Caspian Pipeline Consortium pipeline lifted concerns over tight global supplies.
Woodside Petroleum, Santos and Beach Energy gained between 1.5 per cent and 2.3 per cent.
New Zealand's benchmark S&P/NZX 50 index fell 0.4 per cent to 12,010.73 points. REUTERS
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