Australian shares fell on Tuesday for a second straight session, dragged down by losses in heavyweight mining and energy stocks as China’s latest stimulus plan disappointed investors seeking demand growth in the world’s second-biggest economy.
The S&P/ASX 200 index fell 0.5% to 8,226 by 0024 GMT.
The benchmark closed 0.4% lower on Monday. Miners fell 2%, hitting their lowest level since Sept. 24.
Sector heavyweight BHP Group declined 2%, while Rio Tinto lost 2.6%.
Iron ore prices closed lower on Monday as another round of stimulus measures by top buyer China disappointed investors who had hoped for measures that would boost commodities demand.
Energy stocks lost 1.2% and were on track for a 10th session of fall in 12, after global oil prices ended lower overnight, also weighed down by China’s latest stimulus plan.
Coal miner Whitehaven shed 2.4%. Gold stocks slumped 4.7% to hit their lowest level since Sept. 13, after bullion prices fell overnight due to a stronger US dollar.
Gold miner Evolution Mining lost 4.5%, while Northern Star Resources shed 3.8%.
Among individual stocks, Aristocrat Leisure hit a record high after the gaming content and technology firm said it would sell its mobile gaming business for $820 million.
Banks help Australian shares log best week since mid-August
Meanwhile, financials traded almost flat, with three of the “Big Four” banks up between 0.2% and 1.1%. National Australia Bank lost 2.2% as it traded ex-dividend. IT stocks gained 0.6%, tracking their US peers.
Overnight, the US Dow Jones Industrial Average rose 0.69%.
The S&P 500 gained 0.1%, while the Nasdaq rose 0.06%.
In New Zealand, the benchmark S&P/NZX 50 index traded flat, as of 0024 GMT.
Source: Brecorder
