The Australian stock market closed slightly higher today as traders took advantage of recent market falls to start buying again, while also eyeing continued low interest rates after a weaker than expected GDP print.
At the 1615 AEDT official market close, the benchmark S&P/ASX200 index rose 0.34% to 5,273.8 points, while the broader All Ordinaries index added 0.34% to 5,267.5.
CMC Markets analyst Michael McCarthy said the local bourse took bad economic news as good market news today, as the September quarter gross domestic product printed at 0.6%, lower than the 0.7% analysts expected.
"A weaker than expected GDP read saw share losses turn to gains, as traders interpreted the slower growth as a sign interest rates will remain lower for longer," Mr McCarthy said.
"This mirrored American investors reactions that saw stocks sold off on the back of better than expected manufacturing and motor vehicles sales."
IG analyst Chris Weston said Chinese stocks also buoyed the local market today.
"The ASX 200 wasn’t negatively affected by the GDP print and has seen good buyers off the lows today," Mr Weston said.
"Gains in BHP have clearly assisted, with the miner coming off short-term oversold levels."
