Australian shares ended the week with a whimper as investors took some risk off the table ahead of a referendum in Greece that could decide the country's future in the euro zone. The S&P/ASX 200 index fell 1.1 percent on Friday to 5,538.3, finishing the week with a 0.1 percent loss. New Zealand's benchmark NZX 50 index closed a touch lower at 5,840.9, having turned around from a three-week high of 5,872.7. The index was up 1.5 percent on the week.
"There are multiple possibilities with what happens in Greece on Sunday and how that is interpreted by the EU. Holding risk come Monday morning is probably not something you want to be doing. I think a lot of people are showing just that today," said Evan Lucas, a market strategist at IG. Greek citizens will vote on whether to accept austerity terms for continued international aid. This follows five months of acrimonious talks between Athens and its creditors.
Falls were seen pretty much across the board. The big four local banks were all in the red, while mining giant BHP Billiton fell 2.0 percent. New Zealand stocks fared much better, with the benchmark NZX-50 share index a touch firmer at 5,842.5, having earlier reached a three-week high of 5,872.7. Among the top 10 stocks, telecommunications company Spark was up 0.4 percent, while Auckland International Airport climbed 0.6 percent.
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