Aust stocks close flat

Local market closes flat, with resource stocks parring gains from the weakness in China.

The local market put on 1.4% this week, managing to stay above the key psychological 5000 mark.

At 1615 AEST official market close, the benchmark S&P/ASX200 index inched up 0.13% to 5,042 points and the broader All Ordinaries index per cent added 0.11 to 5,023.8 points.

The big four banks boosted the market today but materials were weaker.

IG analyst Stan Shamu blamed losses in resources stocks on weakness in China. 

"There has been plenty of talk around China’s credit recently as the rapid build-up in credit threatens to be a bubble following the changes in policies by the new government," Mr Shamu said.

"Analysts feel the diminishing effect of credit growth on China’s growth is a reason for concern."

But for most of the day the Australian market was outperforming the region, Mr Shamu said.

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