ASX ‘hoists white flag’ after hitting record highs

Australian shares pulled back from the record highs hit on Friday, weighed down by a soft lead from Wall Street, geopolitical uncertainty in the Middle East and lingering concerns over the impact of the bushfires on the economy.

The benchmark S&P/ASX 200 lost 25.3 points, or 0.4 per cent, to close at 6903.7, dragged lower by weakness across all sectors except for information technology and real estate.

ASX stock figures light up on electronic displays at the ASX foyer in the Sydney CBD.Credit:James Alcock

“Against a background of significant unrest in the Middle East and the aftermath of the ongoing bushfire disaster at home, the market is hoisting up the white flag today,” James McGlew, executive director of corporate stockbroking at Argonaut Securities told Reuters.

Monday’s losses were led by healthcare – the strongest performing sector last week – which skidded 1.1 per cent, hit by a rally in the Australian dollar following the release of a soft US jobs report on Friday and strength in the Chinese yuan ahead of the signing of the phase one trade agreement reached between China and the United States later in the week.


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