Australian shares slipped on Wednesday, with gold and technology stocks leading the decline, as investors awaited second-quarter gross domestic product (GDP) data due out later in the day for further direction.
The S&P/ASX 200 index fell 0.2% to 7,297.6 by 0024 GMT.
The benchmark closed 0.1% lower on Tuesday.
The Reserve Bank of Australia kept interest rates steady for a third month on Tuesday after a whopping 400 basis points hike since May last year.
Analysts expect the Australian economy to have expanded by a meagre 0.3% in the second quarter due to reduced consumer spending.
Data shows the economy got a boost from a jump in net export volumes and government spending.
In Sydney, gold stocks fell 1.7%, tracking weakness in bullion prices.
Heavyweights Newcrest Mining and Northern Star Resources slipped 1.6% and 1.2%, respectively.
Technology stocks fell 0.8%, tracking overnight losses on Wall Street.
Sector heavyweight Xero dipped 0.4%.
Energy stocks rose 1.6% to hit their highest level in nearly four weeks, driven by gains in oil prices.
Among individual stocks, Origin Energy rose 0.4% after news that the country was considering extending the life of its largest coal power plant - Eraring.
Shares of packaging company Orora fell more than 21% to hit a six-month low following a discounted placement to fund its $1.4 billion acquisition of French high-end glass bottle manufacturer Saverglass from private equity firm Carlyle Group.
TPG Telecom extended until Oct. 4 an exclusive due diligence period granted to rival Vocus Group for the A$6.3 billion ($4.02 billion) offer for its non-mobile fibre assets.
TPG shares fell more than 1%. New Zealand’s benchmark S&P/NZX 50 index rose 0.1% to 11,449.81.
Comments
Comments are closed.