Reuters: Hot Stocks: Australian shares lose early gains to finish down

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Australian shares lose early gains to finish down May 22nd 2013, 06:21 Wed May 22, 2013 2:21am EDT SYDNEY May 22 (Reuters) - Australian shares reversed early gains to slip 0.3 percent, weighed down by the financial sector, and as investors await a speech from the Federal Reserve chairman before Congress later on Wednesday. Ben Bernanke's testimony will be the focus for markets waiting for the first sign of a shift in attitude towards quantitative easing. Financials dragged the market lower after notching up big gains in recent weeks on the back of strong earnings reports and high yields. Top lender Commonwealth Bank of Australia plumbed 1.1 percent while Westpac Banking Corp lost 0.9 percent. The S&P/ASX 200 index fell 14.7 points to finish at 5,165.4. The index fell 0.6 percent on Tuesday. New Zealand's benchmark NZX 50 index finished 0.4 percent or 19.3 points higher to 5,165.4. (Reporting by Thuy Ong; Editing by Sanjeev Miglani)

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