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ASX 200 , Australian Stock Market Shows Steady Growth

2/8/2023 1:21 PM

The leading index of the Australian economy, the ASX 200, shows an upward trend, trading near the 7533.0 mark.

The stock index of the Australian market is correcting after reaching another high around 7550.0, which was last reached in March 2022. This happened against the background of the decision of the Reserve Bank of Australia (RBA) to continue raising the interest rate at a reduced pace, increasing it by 25 basis points to 3.35%. Prior to the meeting, the head of the regulator, Philip Lowe, spoke about the need to continue tightening monetary conditions at least at a minimal pace.

The downward correction in the Australian bond market has been somewhat delayed: 10-year Treasury securities are trading at a rate of 3.621%, having added 0.19% relative to the close of trading yesterday, the yield rate on 20-year bonds was 3.984%, having added 0.38%, and the yield on 30-year debt securities was 3.972% after 3.942%.

The growth leaders in the index are Boral Ltd. (+12.78%), Austal Ltd. (+5.52%), Suncorp Group Ltd. (+4.57%), Adbri Ltd. (+4.35%).

Among the leaders of the decline are Polynovo Ltd. (-12.08%), Elders Ltd. (-5.86%), Healius Ltd. (-5.37%), Region Re Ltd. Unit (-3.37%).

On the daily chart, the price remains in the global corridor, rising in the direction of the resistance line at 7750.0.

Technical indicators maintain a stable buy signal: the fast EMAs of the alligator indicator are at a considerable distance from the signal line and are in no hurry to start approaching, and the histogram of the AO oscillator forms correction bars, while being high in the buy zone.

Support levels: 7460.0, 7280.0. | Resistance levels: 7580.0, 7750.0.

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