Aust stocks close slightly lower

Local market slips as stronger than expected Chinese data fails to impress.

The Australian stock market closed slightly lower today as stronger than expected Chinese manufacturing data failed to spur buying.

At the 1615 AEDT official market close, the benchmark S&P/ASX200 index was 0.27% lower at 5,411.1 points, while the broader All Ordinaries index declined 0.25% to 5,406.5 points.

IG analyst Chris Weston said the purchasing managers' index from China's National Bureau of Statistics was a good set of figures, beating expectations to print at 51.4 in October, higher than the September read of 51.1.

A reading above 50 indicates expansion, while a print below signals contraction.

"If you drill down the underlying quality of the expansion, it was not brilliant," Mr Weston said.

"The new orders sub-component fell to 52.5 from 52.8, while new exports expanded at a slower pace of 50.4 (from 50.8)."

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles