Aust stocks close lower

Local market drops after fresh five-year intra-day high, investors raise eyebrows at report of Chinese banks writing off debt.

The Australian stock market has fallen sharply after reaching a fresh five-year intra-day high this morning, following six consecutive days of gains.

At the 1615 AEDT official market close, the benchmark S&P/ASX200 index fell 0.32% to 5,356.1 points, while the broader All Ordinaries index lost 0.27% to 5,356.8 points.

In earlier trade, the benchmark index reached as high as 5,402.4 points.

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