Asx 200 Closes The Week In Red

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Asx 200 Closes The Week In Red

Asx 200 Closes The Week At 7782.50 In Red

ASX 200 index has closed the week in the red, near 7782.50. The selling seen in the ASX 200 is driven by the property and tech sectors.

Overall, the ASX 200 lost 0.88% in one day, similar to what we saw on Wall Street as well. It appears that Australia's domestic market is under pressure due to the tech and real estate sectors. Both of these sectors are very sensitive to interest rates & thus have turned red recently.

In the USA, the bond yields appear to be supported by the speculation that the Fed will adopt a cautious approach regarding rate cuts.

Asx 200 Remains Under Pressure

Meanwhile, Westpac has also looked at the RB meeting minutes of March. According to them, the bank has sufficient cash for the time being, but that could change with time. Additionally, the RBA board's approach is also very balanced when it comes to policy implementation.

One of the weakest performers of the ASX 200 was Regis Resources, which closed with a -5.21% change near 1.91. Next up is Credit Corp Group, which declined by around 4.83%. The 3rd spot was taken by Arcadium Lithium with a change of -3.94%.

And if we look at the top gainers of ASX 200, the first name is Ramelius Resources, which trades at 1.99 price with +10.06% change. Boss Energy, another component of the ASX 200, posted a 3.43% upside.

The overall outlook of ASX 200 remains weak, mainly due to the weaker global sentiment. If we look at the Australian economy, there are many challenges, including a shrinking account surplus.

On the one side, there's the shrinking Chinese demand for copper, iron, and other metals. On the other hand, Australian imports have gone up a notch due to strong demand.

When we combine these two with the fact that interest rates in Australia are at record highs, the situation doesn't look good at all for the ASX 200.

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