Comments
Australian shares clawed back hefty early losses on Monday as investors looked past concerns about the impact of a higher US dollar and pondered the likely positive impact on exporters.
Stocks fell nearly 1 per cent in early trading after weak US inflation data painted a downbeat picture of the economy, while expectations of a rate hike kept the dollar higher, putting pressure on US exporters.
But the losses narrowed substantially as investors looked to a positive lead from Asia, where exporters hope to benefit from a more favourable foreign exchange rate.
The S&P/ASX 200 index ended down 16.8 points or 0.3 per cent at 5797.7. In the past month, the benchmark has risen 3.5 per cent, and then lost the same amount.
New Zealand’s benchmark NZX 50 index edged to an all-time closing high, gaining 2.8 points to finish the session at 5,911.4.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.