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Australia Market closes down 0.26%

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The Australian share market closed lower on Friday, 29 November 2019, snapping five sessions of winning streak, as investors elected to book recent profit due to the absence of fresh market-moving events as the US market was closed for the Thanksgiving holiday and on concerns a new US law backing Hong Kong protesters could torpedo efforts to end the US-China trade war. At closing bell, the benchmark S&P/ASX200 index declined 18 points, or 0.26%, to 6,846.00, while the broader All Ordinaries sank 17.64 points, or 0.25%, to 6,947.98. The ASX 200 index registered a gain of 2% for the past five sessions and ended the month of November 2.74% higher.

Sydney markets commenced trading with weak note due to uncertainty over the potential impact on ongoing trade negotiations between Washington and Beijing after the signing of bills by U. S. President Donald Trump in support of Hong Kong protesters on Wednesday. China strongly condemned the actions of the U. S., with the country's Ministry of Foreign Affairs saying on Thursday that Washington had sinister intentions.

Hong Kong has been rocked by months of civil unrest initially sparked by a since-withdrawn extradition bill.

That comes as an anticipated phase one trade deal between the U. S. and China remains elusive ahead of Dec. 15, when additional tariffs on Chinese exports to the U. S. are set to go into effect.

Heavyweights were the main drag with financials among the major underperformers. All four major banks ended in reverse on slowing annual housing credit growth. National Bank (NAB) fell most by 1.1% while Westpac (WBC) continued its recent losses by another 0.7%.

Major miners also led declines for materials with metals prices mostly weaker in overnight trade. BHP Group (BHP) fell the most by 0.7%. Gold miners were also underperformers with Evolution Mining (EVN) sliding 1.3%.

CURRENCY NEWS: The Australian dollar, sensitive to shifts in broader risk appetite, little changed against greenback. The Australian dollar changed hands at $0.677 after touching lows around $0.676 yesterday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 29 2019. 16:52 IST
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