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Bond yields trade higher on Thursday

31 Oct 2024 Evaluate

Bond yields traded higher on Thursday amid Ministry of Commerce & Industry in its latest data has showed that the output of eight core industries slowed down to 2 per cent in September 2024 as against 9.5 per cent in the same month last year. However, the output growth is positive against a contraction of 1.6 per cent in August 2024.

In the global market, yield on the 10-year Treasury note hovered near a three-month high as traders combed through a fresh batch of mixed data and hunted for further clues on the rate cut outlook. Furthermore, oil prices rebounded on Wednesday, rising more than 2% after data showed U.S. crude and gasoline inventories fell unexpectedly last week and on reports that OPEC+ may delay a planned oil output increase.

Back home, the yields on new 10 year Government Stock were trading 13 basis points higher at 6.95% from its previous close of 6.82% on Wednesday.

The benchmark five-year interest rates were trading 14 basis points higher at 6.89% from its previous close of 6.75% on Wednesday.

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