Australian Market Modestly Lower
The Australian stock market is modestly lower on Monday, extending the losses in the previous four sessions, with the benchmark S&P/ASX 200 staying above the 7,400 level, despite the positive cues from global markets on Friday, dragged by miners and technology stocks, partially offset by small gains in energy and financial stocks.
The benchmark S&P/ASX 200 Index is losing 16.20 points or 0.23 percent to 7,140.50, after hitting a low of 7,134.00 earlier. The broader All Ordinaries Index is down 20.40 points or 0.28 percent to 7,337.70. Australian stocks closed modestly lower on Friday.
Among the major miners, Rio Tinto, BHP Group and Fortescue Metals are edging down 0.2 to 0.4 percent each, while Mineral Resources is losing more than 1 percent.
Oil stocks are mostly higher. Woodside Energy, Santos and Beach energy are edging up 0.1 to 0.5 percent each, while Origin Energy is edging down 0.2 percent.
Among tech stocks, Afterpay owner Block is losing more than 4 percent, WiseTech Global is declining almost 2 percent and Xero is slipping 2.5 percent, while Appen is edging up 0.3 percent. Zip is flat.