The Australia Market Smashes Investors Down Again

Photo: Getty

The Australia market fell by up to 1% today on the back of unrest in Hong Kong, bad economic numbers from China and despite a stronger Wall Street.

And the Australian dollar was crushed, falling below 87 cents in Asia today.

The S&P/ASX 200 closed down 0.93% to 5,264.20.

Concerns over the Chinese economy and protests in Hong Kong kept investors cautious despite Friday’s rebound in US stocks.

The major banks led the fall.

Westpac closed 0.75% down to $31.65, NAB 1.93% to $32.07, the Commonwealth 1.1% to $74.43 and the ANZ 1.48% to $30.53.

Among the industrials, Wesfarmers slipped 1.24% to $42.21.

BHP was fell 1.29% to $33.72 and Rio Tinto 1.5% to $59.21.

The rare earth miner Lynas took a bath, losing about a quarter of its share value in one day.

Hong Kong’s the Hang Seng was down 1.88% to 23,233.00.

Niall King, a trader at CMC Markets, says escalating tensions in Hong Kong and softer data over the weekend from China rattled the cages of investors allowing the bears to take charge once again.

“With the selling widespread, it’s the major banks leading the miners in the race south at this early juncture,” King says.

The market closed down again on Friday, wiping out gains for 2014.

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