SYDNEY- Australian stocks snapped a week-long winning streak on Tuesday, ending broadly weaker as investors cashed in some profits after the market's run of six straight record-high closes.
Australia's benchmark S&P/ASX 200 .AXJO slid 10.5 points, or 0.3 per cent, to 4,179.1.
"It's hard to actually pinpoint a trend other
than generalised profit-taking," said Atul Lele, portfolio manager at White Funds Management.
Banks tumbled, slicing nearly 4.5 points from the benchmark index, a day after the central Reserve Bank's latest monetary policy warned that interest rates could rise within months to offset the risk of higher inflation.
Jamie Spiteri, senior dealer at Shaw Stockbroking, said the market was sensitive to moving interest rates: "We haven't had that for 12 months, and that's one of the reasons why the equity market has performed so well. There hasn't been too much uncertainty."
Telstra bucked the softer trend, touching a three-year high of A$5.25 before closing 1.4 per cent higher at A$5.23 on media reports that it was selling its A$10 billion ($8 billion) Sensis directories and classified advertising business. Telstra said it had not made any decision on Sensis.
- REUTERS
