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Australia shares post biggest daily drop in 6 months in broad selloff
February 4, 2014 / 5:30 AM / 4 years ago

Australia shares post biggest daily drop in 6 months in broad selloff

(Updates to close)

SYDNEY, Feb 4 (Reuters) - Australian shares tumbled 1.8 percent on Tuesday, their biggest one-day drop since August, after disappointing U.S. manufacturing data pressured Wall Street and Australia’s central bank kept rates steady as the market had expected.

The Reserve Bank of Australia kept its main cash rate at a record low of 2.5 percent, saying the most prudent course for policy was likely to be a period of stability in interest rates.

The S&P/ASX 200 index lost 90.8 points to finish at 5,097.1, a six-week closing low.

New Zealand’s benchmark NZX 50 index shed 1 percent or 46.9 points to finish the session at 4,802.6. (Reporting by Thuy Ong; Editing by Chris Gallagher)

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