Bond yields trade higher on Thursday

Bond yields traded higher on Thursday as investors remained cautious the central government will struggle to meet its fiscal targets as it prepares to unveil the federal budget on Monday for the year starting April 1.

In the global market, U.S. Treasuries ended little changed on Wednesday as oil and stocks reversed earlier losses, with the volatile oil market seen likely to continue to govern bond moves in the near-term. Furthermore, Crude-oil prices edged down in early Asia trade Thursday after U.S. inventory data showed another record high.

Back home, the yields on new 10 year Government Stock were trading 1 basis point higher at 7.83% from its previous close at 7.82% on Wednesday.

The benchmark five-year interest rates were trading 4 basis points higher at 8.00% from its previous close at 7.96% on Wednesday.