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Australian stocks down 1.3% by break, S&P 200 dips 1.25%

Australian stocks down 1.3% by break, S&P 200 dips 1.25%

PERTH: The Australian stocks was down 1.3 per cent at noon, all but abandoning its quest to break through the key 6000 threshold in the short term after following Wall Street sharply lower.

At 12.05pm (AEDT), the benchmark S & P/ASX200 index was 74.9 points, or 1.25 per cent, lower at 5898.4, while the broader All Ordinaries index fell 70.7 points, or 1.19 per cent, at 5866.4.

Earlier in the week the benchmark index reached within five points of the key psychological barrier of 6000, touching 5995 points before pulling back.

CMC Markets chief market analyst Michael McCarthy said after repeated failures by the index to break through the 6000 level, local investors have seized on negative overnight action and slammed the market.

“Volatility is up, and every sector in the red, albeit on light and unconvincing volumes,” Mr McCarthy said.

There is little economic reasoning behind today’s local action, he said, but a higher Australian dollar was sidelining international investors and exacerbating the weakness.