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.

This is its highest point, and the first time above the key 5,400 threshold, since the week commencing June 16, 2008, during which the index peaked at 5,444.2 points.

Some investors raised eyebrows at a report saying China's largest banks have tripled the amount of loans written off in the first half of their financial year, with concerns of a new wave of defaults ahead in the world's second-largest economy.

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