Australian Market Tumbles On Profit Taking And Taper Fears

The ASX 200 shed 1.4% today as finance sector investors took profits and investor sentiment declined on US taper fears and falls in Asian markets.

The index closed the day down 73.9 points at 5319.2 – its biggest intraday fall in six weeks.

Banking shares fell 1.8%, with Wilson Asset Management dealer Martin Hickson telling the AFR that most of the selling was driven by profit taking from big 4 bank stocks.

“It is possible that with so many initial public offerings about to come to market, notably the Nine Network float, that some investors may be freeing up capital to participate in those,” he told the Fin.

Via investing.com, here’s what happened:

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