Australia Market gains on bargain hunting

Headline indices of the Australia stock market were higher on Thursday, 05 July 2018, as investors chased for bottom fishing on recently battered stocks with little guidance from US financial markets, which were closed last night for Independence Day. However, market gains were capped on cautious ahead of a deadline when tariffs are set to take effect. Most of ASX issues inclined, with shares in telecom, financials, realty, consumer staples, financials, and energy issues being notable gainers. Around late afternoon, the benchmark S&P/ASX 200 Index rose 31.31 points or 0.5% to 6,214.70. The broader All Ordinaries Index was up 29.12 points or 0.46% to 6,302.80.

Local market traded in green territory after a flat opening, as investors chased for bottom hunting on recently battered stocks. However, market topside was capped as investors were concerns over the negative implications of the US trade war with rest of the world. A trade war between the US and the rest of the world may lead to a global financial crisis. The United States is due to impose the tariffs on Chinese exports on July 6. The US also imposed tariffs on cars from Europe.

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