INSUBCONTINENT EXCLUSIVE:
Australian shares ended lower on Friday as investors grappled with a cocktail of negative domestic and global factors, including uncertainty
over an inquiry into the financial sector and weak Chinese factory activity data.
World markets were also on edge before a meeting of
Chinese and US leaders over the weekend for talks expected to centre on trade issue as a tariff row between the two nations showed no signs
of abating.
Australia's benchmark SP/ASX 200 index closed down 1.6 per cent or 91.20 points at 5667.20, after rising 0.6 per cent on
The index posted its third consecutive monthly loss, losing 2.8 per cent in November, hurt in part by global growth concerns and
international trade friction.
Financial stocks dominated losses and fell 1.6 per cent as a high profile inquiry into the sector concluded
after months of shocking revelations of misconduct and wrongdoing at the country's top banks.
"Uncertainty surrounding the Royal
Commission and in its findings has fanned a broad sell off of the financial stocks, and that in turn has affected a large part of the
market," said James McGlew, executive director of corporate stockbroking at Argonaut.
Some of the world's most profitable banks like
Australia's 'big four' and wealth manager AMP Ltd have lost about A$40 billion ($29.24 billion) worth of market value this year, as
investors bailed out after a Royal Commission inquiry heard shocking tales of rip-offs, mistreatment of customers and even taking money from
the dead.
The inquiry is scheduled to end with a final report due by February 1, that some analysts predict will lead to tougher regulation
and provide recommendations for how to clean up the industry.
The "Big Four" banks along with AMP shed between 0.4 and 1.7 per cent on the
day.
Investor sentiment has remained fragile ahead of a crucial meeting between US President Donald Trump and his Chinese counterpart Xi
Jinping at the G20 summit in Argentina over the weekend.
With the G20 meeting in the weekend, "everything can change," said Michael
McCarthy, chief market strategist at CMC.
Adding to the pressure, factory growth in China - Australia's biggest export market - slowed to
its weakest pace in over 2 years in November, as new orders slowed.
Elsewhere, beverage maker Coca-Cola Amatil Ltd plunged 14.5 per cent,
and was the top per centage loser on the benchmark index, after the company flagged one-off costs of about A$50 million ($36.56 million) in
2018.
Bucking the broad market, troubled retailer Myer Holdings jumped 5.8 per cent after shareholders rejected the board's executive pay
Australian law dictates shareholders must be given the option to replace the board if pay proposals are rejected two years running.
New
Zealand's benchmark SP/NZX 50 index closed up 0.33 per cent or 28.66 points at 8,823.54, boosted by gains across most sectors
The index gained 0.8 per cent for the month.
Dairy firm Synlait Milk strengthened nearly 5 per cent, while electricity retailer Genesis
Energy Ltd rose 3.6 per cent.
