Feb 25 (Reuters) – Australian stocks ended a tumultuous week down 3.1% as investors shunned riskier assets after Russian forces invaded Ukraine, despite a slight gain on Friday amid tougher Western sanctions on Moscow.

The S&P/ASX 200 Index (.AXJO) closed 0.1% higher at 6,997.80, after falling 3% on Thursday. The benchmark index posted its worst week since October 2020.

Global markets regained lost ground after a better finish on Wall Street after US President Joe Biden hit back at Russia with more sanctions.

Australian tech stocks (.AXIJ) soared 8.1% to mark their best close in more than 10 years.

Australian shares of Block Inc (SQ.N) led the rally among tech stocks, climbing 32.5% on their best day, after the payments company posted better-than-expected quarterly profit thanks to a weak market. highly volatile bitcoin and booming e-commerce. Read more

Australia has also imposed sanctions on Russia, targeting many of its elite citizens and lawmakers. Read more

“The sanctions (on Russia) are relatively benign to our economies, and there were no oil sanctions, which could have further inflamed the price of oil,” said Henry Jennings, senior analyst and portfolio manager. at Marcustoday Financial Newsletter.

Jennings said the Australian market is a bit quieter than expected.

A Reuters poll found the Reserve Bank of Australia (RBA) will raise interest rates for the first time in more than a decade in the July-September quarter. The central bank is due to meet on March 1. read more

“Investors are cautious ahead of the weekend – anything can happen in Ukraine and we won’t have the opportunity to respond to it. We also have the RBA meeting next week,” Jennings said.

Domestic gold stocks (.AXGD) slid 4% and were the biggest laggards in the index.

Financials (.AXFJ) lost 1%, with Big Four banks slipping between 0.9% and 2.2%. Miners (.AXMM) were down 0.1%.

New Zealand’s benchmark S&P/NZX 50 (.NZ50) rose 1.6% to end the session at 11,923.38. The benchmark index lost 1.8% this week.

Reporting by Himanshi Akhand in Bengaluru; Editing by Sherry Jacob-Phillips

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