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Australian market risks technical correction after sixth straight loss

Xinhua, June 9, 2015 Adjust font size:

The Australian market closed lower for the sixth straight day on the way to its first technical correction in almost two years on Tuesday.

A technical correction is defined as a plunge of 10 percent or more from recent highs.

IG market strategist Evan Lucas told Business Review the level to look for is 5,397 points, 10 percent from the intra-day high marked in April when the index neared the 6,000 point threshold.

S&P/ASX200 dropped 0.49 percent to 5,471.3, joined by the broader All Ordinaries index, slipping 0.49 percent to 5,479.7.

The main drags on the market were the consumer and mining stocks.

Mining stocks lost 1.06 percent, as BHP Billiton spin-off South32 slipped 2.34 percent after announcing a delay in restarting three of four furnaces at its South African Matalloys manganese alloy smelter due to the 20 percent drop in the metal's price this past year.

BHP Billiton slipped 1.08 percent, while Rio Tinto dropped 1.14 percent.

Consumer discretionary stocks lost 1.41 in Tuesday's trade, after Nine Entertainment announced a lower revised earnings forecast.

Nine Entertainment lost 16.12 percent while Seven West Media slipped 11.39 percent. Endi