Aust stocks open lower

Local market falls slightly following yesterday's fresh five-year closing high.

The Australian stock market has opened slightly lower after closing at a fresh five-year high yesterday, despite international markets mostly gaining on news Larry Summers had withdrawn from the Federal Reserve chairmanship race and lessened fears over Syria.

At the 1015 AEST official market open,  the benchmark S&P/ASX200 index fell 0.24% to 5,235.6 points, while the broader All Ordinaries index slid 0.21% to 5,230.9 points.

In economic news, the Reserve Bank of Australia releases its monthly board meeting minutes, which IG analyst Evan Lucas said will be keenly watched after the central bank released a neutral statement earlier this month.

"Is it now concentrating on the growth of China and the US as a reason for easing to be dropped?" Mr Lucas said.

"At what level is it hoping the Australian dollar will be heading to, and how will it manage with an unemployment rate that is expected to rise to 6.25% in next 12 months?"

Mr Lucas said liquidity should return to the local market today, after only $3.9 billion was traded yesterday, compared to the $5.1 billion year-to-date average.

The Australian Bureau of Statistics (ABS) releases August data for international merchandise imports and new motor vehicle sales.

In Australia, the market yesterday continued its run of gains that began on September 6, the day before the federal election.

The market has touched five-year highs and risen on six out of seven trading days since September 5 gaining more than 2.0%.

The benchmark S&P/ASX200 index gained 28.4 points, or 0.54%, to 5,248 points.

The broader All Ordinaries index was 27 points, or 0.52%, higher at 5,241.7.

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