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Australian shares fall 0.9 pct, biggest weekly loss in a year
June 7, 2013 / 6:31 AM / 4 years ago

Australian shares fall 0.9 pct, biggest weekly loss in a year

(Updates to close)
    SYDNEY, June 7 (Reuters) - Australian shares fell 0.9
percent on Friday and posted their biggest weekly loss in a
year, as selling in resource stocks dragged the index to a near
five-month low.
    Investors were inclined to reduce exposure before the
release of U.S. jobs data later in the day, which could provide
clues about the future of the Federal Reserve's stimulus
measures, analysts said.
    The S&P/ASX 200 index lost 43.5 points to 4,737.7,
the lowest since Jan. 16. The index ended the week down 3.8
percent, its biggest weekly loss since May 2012.
    Newcrest Mining Ltd, the world's No. 3 gold miner,
fell 7.6 percent to an eight-year low, after the company said it
would write down its asset values by up to $6 billion in
response to the worst slide in gold prices in 30 years.
 
    New Zealand's benchmark NZX 50 index slipped 0.3
percent to 4,439.9.

 (Reporting by Maggie Lu Yueyang; Editing by Chris Gallagher)

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