Australia: Market drops 0.3% on profit booking

Australian market declined on Friday, 09 May 2014, as investors booked profit made previous session on caution ahead of next week's Federal Budget, with the government having flagged it may hike taxes and cut spending. The benchmark S&P/ASX200 declined by 0.29% to close at 5460.80 and the broader All Ordinaries lost by 0.25%% to 5442. For the week, the benchmark S&P/ASX 200 Index eked out a gain of just 0.06%, while the broader All Ordinaries Index edged 0.07%.

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