AUSTRALIAN STOCK MARKET FALLS AFTER WALL STREET

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Australian stock market falls after Wall Street slideFont Size: Decrease Increase Print Page: Print Staff writers | August 08, 2008
THE Australian stock market was sharply lower in early trading, dragged down by the big banks after Wall Street tumbled overnight.

The benchmark S&P/ASX 200 Index dropped 68.4 points, or 1.37 per cent, 4914.9, while the broader All Ordinaries slipped 62.8 points, or 1.25 per cent, to 4967.2.

The Dow Jones Industrial Average nearly wiped out its gains for the week as US jobless claims at a six-year high and staggering credit losses at American International Group put an abrupt end to the recovery for banks and lenders and the broad stock market.

NOTE: DOW JONES IS KNOWN PLAYER IN THE STOCK MARKET.

The Dow fell 224.64 points, or 1.93 per cent, to 11,431.43, and was now up only about 0.9 per cent on the week despite a rally of more than 300 points on Tuesday.

The financial sector was leading the local bourse lower.

Commonwealth Bank fell $1.02, or 2.32 per cent, to $42.93, National Australia Bank slid 70c, or 2.72 per cent, to $25.07 and ANZ lost 60c, or 3.34 per cent, to $17.39.

Westpac did not fall as steeply as its rival banks.

The bank said in a market update today that its overall asset quality remained good and it was on track to deliver full-year earnings growth of up to 8 per cent.

Its shares were down 27c, or 1.17 per cent, at $22.88. Westpac's agreed takeover target, St George Bank, was down 44c, or 1.5 per cent, at $28.85.

Additional reporting by Dow Jones Newswires, AAP


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