Reuters: Hot Stocks: Australia shares pull back on weaker miners, stimulus concerns linger

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Australia shares pull back on weaker miners, stimulus concerns linger Jun 28th 2013, 02:07 Thu Jun 27, 2013 10:07pm EDT (Adds stocks movement, analyst and dealer comment) SYDNEY, June 28 (Reuters) - Australian shares edged lower 0.1 percent in late morning trade on Friday, pulling back from earlier gains as investors took profits on the last trading day of the Australian financial year after a two-day bounce. The S&P/ASX 200 index lost 4.6 points to 4,806.7 by 0150 GMT. The benchmark jumped 1.7 percent on Thursday, its biggest one-day jump in two weeks. Investors had been adjusting their portfolio for the last couple of days, pushing the market higher, said Biyi Cheng, head of dealing Asia Pacific at City Index in Sydney. "But they seem to come back to the normal mood today, as they have mostly finished that portfolio adjustment," Cheng said. Despite the overnight rise in Wall Street, overarching concerns over stimulus reduction continued to weigh on market sentiment, said Rivkin's global analyst Tim Radford in a note. Miners traded lower as gold fell over 1 to its lowest since August 2010 and headed for its worst weekly fall since 1983. BHP Billiton Ltd slid 0.9 percent and Newcrest Mining Ltd, the world's 3rd biggest gold producer, dropped 2.2 percent. Rio Tinto Ltd bucked the trend and rose 0.5 percent. Financials were stronger, with top lender the Commonwealth Bank of Australia adding 0.4 percent and Westpac Banking Corp climbing 0.6 percent. "I think a lot of the drivers won't come from Australia but what we see offshore in the U.S., in China and a to a lesser extent Europe," said Steven Daghlian, market analyst at Commonwealth Securities in Sydney. Australian stocks have been hit hard in recent sessions, pulled down from a year-high of 5,249.6 points set on May 15 by concerns about the U.S. Federal Reserve's plans to curtail its stimulus and a cash crunch in China. The benchmark index is on track to end the week higher than it started, even though it is currently down 2.5 percent for the month. New Zealand's benchmark NZX 50 index rose 0.8 percent to 4,450.5. STOCKS ON THE MOVE * Caltex Australia Ltd plunged 11.8 percent to A$18.06, after it said late on Thursday that it said its half-year profit would be lower than the previous year. (0144 GMT) (Reporting by Maggie Lu Yueyang; Editing by Eric Meijer) Link this Share this Digg this Email Reprints

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