Aust stocks close weaker
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The Australian stock market closed lower today amid lacklustre sessions across Asia as investors worry about the Syrian crisis and tapering in the United States.
At 1205 AEST, the benchmark S&P/ASX200 index fell 0.67% to 5,161.6 points, while the broader All Ordinaries index lost 0.62% to 5,156.5 points.
IG analyst Stan Shamu said markets across Asia are in "wait and see" mode on the Syria crisis.
"With the Republicans seemingly willing to play ball with President Obama on a Syria strike, the thought of war is becoming a reality for some investors," Mr Shamu said.
United States manufacturing activity rose to its highest point this year, which Mr Shamu said was a negative for equities as tapering talk ramped up again.
He said falls in the local market today were not unexpected.
"After having just poked its head above 5,200 yesterday, a pullback is not too surprising as investors struggle to hold their nerves as we approach the year’s highs.
"The only few bright spots in the market today are gold names."
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