Aussie market pulls back from last week's record high close

0 Comment(s)Print E-mail Xinhua, January 13, 2020
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SYDNEY, Jan. 13 (Xinhua) -- The Australian share market has opened lower on Monday, pulling back from an all-time record high close last week.

At 10:30 am (AEDT), the benchmark S&P/ASX 200 index was down 37.90 points or 0.55 percent at 6,891.10, while the broader All Ordinaries index fell 29.40 points or 0.42 percent at 7,012.50.

"After popping champagne corks near all-time highs last week Asia Pacific investors are bracing for a sell down today," CMC Markets' Chief Market Strategist Michael McCarthy told investors in a morning note.

"Steady currency and industrial commodity markets could limit losses."

"However ongoing support for defensive assets such as gold and bonds point to increasing nervousness ahead of this Wednesday's scheduled signing of the phase-one deal (between China and the U.S.).

Australia's big banks weakened with the Commonwealth Bank down (0.51 percent), Westpac Bank down (0.24 percent), National Australia Bank down (0.24 percent) and ANZ down (0.60 percent).

Mining stocks dived with BHP down (0.78 percent), Rio Tinto down (0.62 percent) and Fortescue Metals down (0.89 percent), however and gold miner Newcrest was fractionally higher (0.03 percent).

The country's oil and gas producers slipped with Woodside Petroleum down (0.17 percent), Santos down (0.56 percent) and Oil Search down (0.50 percent).

Australia's largest supermarket chains also slumped with Coles Group down (2.24 percent) and Woolworths down (0.85 percent).

While telecommunications giant Telstra sank (0.52 percent), the national carrier Qantas lifted (0.43 percent) and biomedical firm CSL plummeted (1.21 percent). Enditem

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