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Australian stocks fall 1.2 percent on offshore worries

Australian stocks fall 1.2 percent on offshore worries

Australian share market volatility continued Wednesday, with a sharp fall in resources and subsequent retreat in defensive stocks.
After strong gains yesterday, the benchmark S&P/ASX 200 index fell 68.8 points, or 1.2 percent, to the day's low of 5,520.9. The All Ordinaries declined 62 points to 5,502.1.
Dealers were worried about offshore markets, with Japan's Nikkei 225 closing down 1.7 percent.
"It's very volatile and we could slip further if offshore markets are off tonight," said Macquarie Equities client adviser Michael Caldis. "It's the sort of market where you trade the extremes."
BHP Billiton fell 2.8 percent to A$24.01 and smaller global miner Rio Tinto fell 2.2 percent to A$70.10 after their London shares failed to match the strong gains in local trading.
Zinifex fell 5.5 percent to A$16.18 after London Metal Exchange zinc fell 5.5 percent overnight.
"No one can get their head around whether LME prices are a function of index selling or whether it's just straight out fundamental selling," said a senior trader at a major European brokerage.


Updated : 2021-10-19 06:33 GMT+08:00