Reuters: Hot Stocks: Australia shares slide 1.7 pct on China growth worries, vote uncertainty

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Australia shares slide 1.7 pct on China growth worries, vote uncertainty Jul 1st 2013, 02:32 Sun Jun 30, 2013 10:32pm EDT (Adds analysis, quotes, stocks on the move) SYDNEY, July 1 (Reuters) - Australian shares fell 1.7 percent on Monday morning as soft manufacturing data from China reinforced recent worries about slowing growth in Asia's biggest economy, while uncertainty over the timing of the Federal election further dampened sentiment. Financials led the market down. Westpac Banking Corp dipped 2.9 percent while top lender the Commonwealth Bank of Australia lost 1.7 percent. The S&P/ASX 200 index dropped 80.9 points to 4,722.6 by 0228 GMT, its biggest one-day fall since June 20. The benchmark slipped 0.2 percent in choppy trade on Friday. "There's a bit of caution ahead of the RBA decision tomorrow we still haven't heard anything from the Labor party as to whether they'll call an early election," said Juliana Roadley, market analyst at Commonwealth Securities in Sydney. Newly reinstated Australian prime minister Kevin Rudd can call an election for anytime from mid-August, but is considering delaying the vote until October to give his government time to review key policies. "I suppose everyone's still waiting to see what's occurring and uncertainty always creates a bit of nervousness in the market," Roadley said. The market is pricing in an 18 percent chance of a rate cut , while a Reuters poll showed 21 out of 23 economists see the cash rate unchanged at a record low of 2.75 percent when the Reserve Bank of Australia meets on Tuesday for its monthly policy meeting. The local bourse has been hit hard in recent weeks, pulled down from a year-high of 5,249.6 set on May 15 by concerns about the U.S. Federal Reserve's plans to curtail its stimulus later this year and on signs of slowing growth in China, Australia's major export market. China's official purchasing managers' index (PMI) slipped to 50.1 in June from 50.8 in May, data showed on Monday, reinforcing worries about tepid growth in the second quarter. Mining heavyweights BHP Billiton Ltd and Rio Tinto Ltd lost 1.3 percent and 1.2 percent respectively. Defensives weren't spared either. Flagship communications provider Telstra Corporation Ltd fell 0.7 percent while gas utility company Origin Energy Ltd dropped 3.4 percent. Gold miners bucked the trend after bullion edged slightly higher on Monday. Newcrest Mining Ltd climbed 1.2 percent while small-cap Kingsrose Mining Ltd surged 26.8 percent to a six-week high of A$0.45. Last week, Kingsrose received approval to start mining at its Talang Santo project in Indonesia. New Zealand's benchmark NZX 50 index slipped 0.2 percent or 10 points to 4,430.1. STOCKS ON THE MOVE * Amcor Ltd lost 1.7 percent to A$9.97 after announcing the sale of its Fairfield mill land for a consideration of $120 million. (0202 GMT) * Boart Longyear Ltd tumbled 5.9 percent to A$0.635. The Australian drilling services firm slashed its 2013 earnings forecast on Monday, blaming softening market conditions for its drilling services business. (0202 GMT) * Discovery Metals Ltd dropped 3.7 percent to A$0.13. The company said it continues to be in discussions with interested parties in relation to a potential transaction. (0203 GMT) (Reporting by Thuy Ong; Editing by Shri Navaratnam) Link this Share this Digg this Email Reprints

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