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End of year losses & europe crisis takes Australian markets down

US manufacturing data and continued concerns about Greece's escalating debt crisis culminating with  aussie traders and punters  taking in the yearly losses  before the end of financial year played a heavy toll on the Australian markets today

End of year profit or loss taking and Euro zone Greece concerns bring down market

Weak manufacturing data coming in from the US and protests in Greece, as euro-zone finance ministers failed to agree on a second bailout package for the debt-laden nation, set a negative tone for the local market in australia.

eurozone crisis  greece riots

The sell-off was driven by a savage offloading of resources and financial stocks. BHP Billiton lost 89 cents, or 2.1 per cent, to $42.00 and Rio Tinto dropped $1.68, or 2.1 per cent, to $78.40.

NAB lost 39 cents to $24.26, ANZ dropped 47 cents to $21.35, Westpac shed 64 cents to $21.10 and Commonwealth Bank ended $1.06 lower at $49.26.

The Australian dollar was caught up in the negative sentiment, falling to $US1.0526, down from $US1.0688 on yesterday's close.

Asian Markets also In red In End of  financial year trading

In Asia, the major markets of Hong Kong, Tokyo and Shanghai were down by more than 1 per cent. Some analysts said the approaching end of the financial year exacerbated today's losses.

"There is no institutional buying in the Australian market at the moment as it's only 10 trading days before June 30 so they can't put anything into their funds, they're all closed," said E.L. & C. Baillieu Stockbroking head analyst Ivor Ries.  The northern hemisphere is on holiday, they're not opening any new long positions, and Australians can't buy. So  a lot of the normal buying power in the market is out at the moment," he said.

The Indian stock market again moved into the red during the previous two hours of trade. The BSE-Sensexis trading down by 102 points, while NSE-Nifty is trading 34 points below the dotted line. The BSE Midcap and BSE Small cap indices are down by 0.7% and 0.4% respectively.


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