The Australian market Wednesday ended the last trading session of the 2010 financial year in a negative territory. The market clawed back some ground from the sharp loss in early trade. At the close, the benchmark S&P/ASX200 index fell 44.2 points, or 1.02 per cent, at 4,301.5 points, while the broader All Ordinaries index was down 45.8 points, or 1.05 per cent, at 4,324.8.
The Australian shares Tuesday posted losses for the sixth consecutive day as Asian markets were widely lower. Chinese market dropped more than 4 per cent due to a massive sell-off after the Agricultural Bank of China offered a lower-than-expected price in its Shanghai tranche IPO. Investors feared that this could be a signal of slow-down in fresh investment into Chinese equities.
The Australian shares gave up their early gains and ended in a negative territory on Monday. The market weakness was mainly due to tax-related selling ahead of the financial year end of June 30. The benchmark S&P/ASX 200 index fell 28.5 points, or 0.65 per cent, to 4384.5 points, while the broader All Ordinaries index lost 0.67 per cent to settle at 4409.7.
The Australian stocks market ended with a two-week low on Friday due to uncertain domestic and overseas factors, including the weak US housing data and Europe fiscal health, and more importantly, Australia's proposed mining tax. The benchmark S&P/ASX200 index fell 66.7 points, or 1.5 per cent, to 4413, bringing this week's losses to 3.2 per cent. The broader All Ordinaries index plunged 64.7 points, or 1.4 per cent, to 4439.4.
Australian shares fell for a second straight session on Thursday as investors were disappointed with the US existing home sales data and not expecting any inspiring results from new home sales. The benchmark S&P/ASX200 index lost 72.2 points, or 1.6 per cent, to 4486.1 points, while the broader All Ordinaries index was off 71.9 points, or 1.6 per cent, at 4509.4.
The Australian market retreated yesterday, giving up most of the gains from previous trading session, while China signaled that the government there would not be a significant rise in the Chinese yuan in a short run. At the close, The benchmark S&P/ASX200 index ended 54.3 points, or 1.2 per cent lower, to 4558.3, while the broader All Ordinaries index was down 51.4 points, or 1.1 per cent, at 4581.3.
The Australia share market Monday closed firmer on hope of a gradual appreciation of the Chinese yuan. At the close, the benchmark S&P/ASX200 index rose 60.7 points, or 1.33 per cent, to 4612.6 points and the broader All Ordinaries index added 58.6 points, or 1.28 per cent, to 4632.7 points. The market was also inspired by the news that Australian federal government struck a A$11 billion deal with Telstra over the planned national broadband network.
