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Australian stocks open flat at an early trade

Xinhua, October 17, 2016 Adjust font size:

The Australian share market has opened flat.

At the open on Monday, the benchmark S&P/ASX200 index was down 3.5 points, or 0.06 percent, at 5,439.5, while the broader All Ordinaries index was down 4.9 points, or 0.09 percent, at 5,513.6.

CMC Markets chief market analyst Ric Spooner in a research note said the Australian stock market is likely to start the week with a relatively subdued opening.

"Share investors may be cautious until they assess whether this morning's (Monday morning) bond market weakness will continue," Spooner said.

"Although iron ore prices rose again on Friday, other key commodities like copper and oil softened, suggesting a cautious approach for the resources sector in early trade," he said.

At the open, ANZ was unchanged, the National Australia Bank fell 0.64 percent, Westpac loss 0.65 percent, while the Commonwealth Bank of Australia was unchanged as well.

BHP Billiton retreated 0.73 percent, rival Rio Tinto declined 1.01 percent while gold miner Newcrest slipped 1.96 percent.

Oil Search was 0.97 percent lower, Santos was unchanged while Woodside Petroleum rose 0.25 percent.

Wesfarmers gained 0.40 percent while rival Woolworths jumped 0.25 percent.

Qantas and telecommunication giant Telstra was unchanged at Monday's open. Endit