Bond yields traded lower on Thursday tracking US Treasuries, after a Democratic sweep of the US midterm elections drove down crude prices, easing inflation and rate-hike concerns for the world's third-largest oil importer.
In the global market, the 10-year Treasury yield fell on Wednesday as investors weighed big wins from Democrats in the U.S. midterm elections and oil prices pulled back. Furthermore, Oil prices fell for a fourth day on Thursday on expectations the losses U.S. President Donald Trump’s Republican Party suffered in Congressional elections this week may reduce the risk of further escalation of the U.S.-Israeli war on Iran.
Back home, the yields on new 10-year Government Stock were trading 6 basis points lower at 7.13% from its previous close of 7.19% on Wednesday.
The benchmark five-year interest rates were trading 5 basis points lower at 7.01% from its previous close of 7.06% on Wednesday.