Australian stocks shed 0.1 percent on Monday after coming within a whisker of setting a new high, hindered by a batch of stocks including market heavyweight BHP Billiton which traded ex-dividend.
The benchmark S&P/ASX 200 index re-tested its record high of 3,568.7 first reached on July 8, but lost momentum to finish 4.8 points, or 0.13 percent, lower at 3,554.1 latest data showed. Turnover was a slightly above-average A$2.4 billion ($1.7 billion).
But underlying sentiment remained solid after the strongest reporting season in at least four years, and fresh data showing second-quarter company gross operating profits soared 10.3 percent reflected a healthy economy.
Investors barely reacted to Prime Minister John Howard's call for an October 9 election.
Among the gainers, three of the big four banks all gained between 0.3 percent and 0.7 percent, but bucking the trend, Commonwealth Bank ended unchanged at A$30.29.
Slot machine maker Aristocrat continued its sharp recovery, climbing 0.6 percent to A$6.75, after reaching a near 3-year high of A$6.90 earlier in the session.
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