INSUBCONTINENT EXCLUSIVE:
Australian shares weakened on Friday, to end first week of new year lower as Apple's surprise revenue warning and dismal US factory data
fanned worries over global economy.
The SP/ASX 200 index .AXJOgt; lost 0.25 per cent to close at 5,619.4 and fell 0.9 per cent in a
The index had closed over 1.4 per cent higher on Thursday.
Apple Inc blamed weaker China sales for its rare revenue forecast cut on
Wednesday, raising worries that there would be more fallout to come from Sino-US trade spat, and major trading partners of two protagonists,
like Australia, could suffer.
News of China-US talks next week to resolve trade dispute helped soosome of those concerns, and helped limit
Australian market's decline.
"You're seeing trade optimism and safety trade running into Australia," said Mathan Somasundaram, a Blue Ocean
Equities market portfolio strategist.
The news also helped steady global oil prices, which reflected in local energy stocks that reversed
losses to end 1 per cent higher
Oil Search Ltd added 0.8 per cent.
Financials lost 0.3 per cent, with Aussie insurers feeling most of pain after Suncorp Group on Thursday
flagged heavy claims following a hailstorm last month in Sydney.
Suncorp, and fellow insurers QBE Insurance and Insurance Australia Group
declined between 0.5 per cent and 3 per cent.
The sub-index of information tech stocks closed over 2 per cent lower, mirroring Wall Street's
dip after Apple's warning bells.
Gold stocks saw increased buying on safe-haven appeal, notching their best close in over 6 years
Gold miner Evolution Mining Ltd ended at a record high.
New Zealand's benchmark SP/NZX 50 index ended 0.1 per cent higher, or 11.39 points
It lost 0.5 per cent in two days it traded this week.
Power generation firm Meridian Energy Ltd was among top gainers, adding 2.3 per cent
