Nov 24 (Reuters) - Australian shares inched lower on
Wednesday, dragged down by technology and gold stocks, as rising
Treasury yields sparked a panic selloff of the bullion and some
big U.S. tech names.
The S&P/ASX 200 index fell 0.2% to 7,395.1 by 0039
GMT. The benchmark index closed up 0.8% on Tuesday.
Gold stocks fell 1.7% after the price of the
safe-haven asset dropped to a near three-week low as the
renomination of U.S. Federal Reserve Chair Jerome Powell fuelled
bets of faster interest rate hikes.
Gold miners Westgold Resources led losses in the
sector, dropping as much as 3.8%, while heavyweight Newcrest
Mining fell 2.2%.
Tech stocks also dropped 1.1%, tracking the Wall
Street where the rising Treasury yields prompted investors to
sell Tesla and other big tech names and buy stocks with lower
Software maker TechnologyOne Ltd was the top loser
on the sub-index, tracking its worst day in since May 2021,
after brokerage Jefferies cut rating on the stock.
Bucking the trend, domestic energy stocks rose 1.5%
buoyed by a 3% jump in oil prices to a one-week high, after a
move by the United States and other consumer nations to release
tens of millions of barrels of oil from reserves to try to cool
the market fell short of some expectations.
Woodside Petroleum was the top boost to the
sub-index, rising 2.8%, while smaller rivals Santos and
Oil Search added 2.4% and 1.9%, respectively.
Australian shareholder registry firm Link Administration
Holdings was the top gainer on the benchmark, a day
after it received a new unsolicited proposal from Ireland-based
LC Financial Holdings (LCFH) to buy its banking and credit
management (BCM) business.
New Zealand's benchmark S&P/NZX 50 index was largely
unchanged at 12,687.29.
(Reporting by Indranil Sarkar in Bengaluru; Editing by Rashmi