Australian Stock Market Performance

SYDNEY, May 18 - Australian sh ars fell 0.8 per centum on Friday, losing steam later a record close in the previous session, with the top miners leading declines following a sailplaning in base metal prices. Losses in hollering Logistics Ltd. and telecoms firm Telstra Corp. Ltd. , following analysts ratings upgrades, also dragged down the broader market. The benchmark S&P/ASX 200 index lost 53.4 points to 6,312.5, based on the latest available data, easing from a record completion high of 6,369.9 in the previous session. Decliners outpaced advancers 1,104 to 883, speckle 437 issues were unchanged. The index inched up 0.2 percent on the week. I suspect the market was determined (lower) by investor fatigue and profit taking in the resources orbit today as investors reacted to continuing hefty falls for uranium prices overnight, said Guy Hutchings, chief investment officer at MFS Investment Management Ltd. Still, analysts said resource stocks look tumesce supported on a solid outlook for commodities demand, while healthy company earnings and strong liquidity flows testament continue to shore up the overall market.

Theres nada in the broader global environment to suggest that equity markets are going to fall over, said Simon Doyle, head of strategy at Schroder Investment Management. So thats a cocktail of good growth, okay valuations and mediocre profit momentum. Theres also lots of liquidity in the global financial system that is looking for a home, he said. The worlds top miners led losses in Australia after signs of oversupply in Korea sent copper prices tumbling on Thursday BHP Billiton Ltd. lost 2.5 percent to A$30.71 while Fortescue Metals Group. , which has seen its helping price surge on takeover speculation, fell 7.9 percent to A$34.45. Telstra fell 1.8 percent to A$4.86 after ABN AMRO take down its... If you want to get a full essay, order it on our website: Orderessay

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