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Australian shares are expected to struggle next week, although faint hopes of a rally before the New Year persist, dealers said. For the week ending December 21, the benchmark S&P/ASX 200 index fell 251.7 points or 3.9 percent to 6,247.0.
AMP Capital Investors chief economist Shane Oliver said the market fell after Australia's second-largest shopping centre owner Centro revealed it was having difficulty finding finance amid the global credit crunch.
"Centro's problems provide another reminder that the era of cheap and easy debt and using complicated financial engineering and excessive gearing to boost returns are over for now," he said.
Oliver said the rollercoaster rise of recent weeks was likely to continue until the end of 2007. "After such a volatile year it's almost anyone's guess what share markets will do over the final few days of the year," he said.
"However, despite the disappointment of the last week our best guess is that Santa will come and the classic Santa Claus rally will take shares higher by year end.
"Shares are normally strong over the Christmas/New Year period as trading volumes are thin and optimism about the New Year, anticipation that bonus payments will find their way into share markets and year-end window dressing sees share prices pushed up." The trading week will be shortened by a half day Monday, followed by two public holidays on Tuesday and Wednesday. No major financial data or company information is scheduled for release.

Copyright Agence France-Presse, 2007

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