Australia market rebounds 0.7% on bargain hunting

The Australian share market closed the session with gain on Friday, 27 March 2015, on the back of bottom fishing following yesterday's steep selloff, with shares of utilities, consumer goods, retailers, realty, industrials and financial being major gainers. But, gain on the market was limited as overall sentiments remain bleak amid renewed concerns about US economy and geopolitical tension in the Arabian Peninsula (fight between a Saudi-led coalition and Houthi rebels in Yemen). The benchmark S&P/ASX 200 Index advanced 40.80 points, or 0.69%, to 5919.90, while the broader All Ordinaries Index inclined 39.20 points, or 0.67%, to 5888.90. Market turnover was moderate, with 1.57 billion shares changing hands worth of A$4.2 billion. For the week, The All Ordinaries finished 0.8% down, while the S&P/ASX 200 index was 0.9% down.

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