Aust stocks close flat
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The Australian sharemarket has closed little changed today as investors eye a fall in over-valued United States technology stocks.
At the 4.15pm (AEST) official market close, the benchmark S&P/ASX200 index was 3.1 points, or 0.06% weaker, at 5,411 points, while the broader All Ordinaries index edged down 6.9 points, or 0.13%, at 5,409.2 points.
IG chief market strategist Chris Weston said the fall in the US tech-rich NASDAQ index is the first pullback for years that has been driven only by concerns over valuation.
"Over the last few years we’ve seen pullbacks, corrections and even bear markets in a number of global indices," Mr Weston said.
"Whilst high valuations have been part of the issue, the initial sell-off has always been triggered by a geo-political or some other macro-related concern.
"The bulls will now hope this targeted selling doesn’t spill out into other sectors, and judging by the broad-based selling yesterday, it seems this could be materialising.
"The spike in the volatility index to 15.5% is testament to the fact that traders are happy to buy put protection in case sentiment really does turn down."
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