Australian Market Report of November 17: Close to the Bottom
Wall Street slumped on Friday with hedge fund selling in advance of a Saturday deadline. On Friday, the Australian sharemarket reversed its sharp losses of mid week to close up over one per cent following a strong US lead and higher base metals prices. As the G-20 leaders failed to come up with specific stimulus action after their weekend meeting in Washington, analysts expect the market volatility to continue but it would be getting close to the bottom.