Business · Markets · 1 hr ago

ASX 200 recovers from losses to finish Tuesday slightly higher

ASX 200 recovers from losses to finish Tuesday slightly higher

Australia’s ASX 200 finished Tuesday 0.008% higher after falling as much as 0.51% during the session.

A selloff in Asian chip stocks dragged down technology shares, while lithium stocks and miners also came under pressure.

South Korea’s Kospi fell about 7%, briefly triggering a halt to program trading, as Samsung and SK Hynix shares dropped more than 8%.

Banks and defensive stocks helped the Australian market recover, with energy shares also supported by Brent crude prices above US$105 a barrel.

The recovery came as the Reserve Bank of Australia’s minutes showed it remains concerned about inflation and is prepared to raise rates again if needed.

Business confidence in Australia fell to -13, one of the weakest readings in the survey’s history, adding to signs of pressure on businesses.

The session showed how gains in some large market sectors can offset steep falls elsewhere.

Sources

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