Aust stocks open lower

Weak Wall Street leads, US debt ceiling jitters weigh on local market.

The Australian stock market has opened lower today, as downbeat leads from Wall Street and concerns over the US debt ceiling weighed on investor sentiment.

At the 1015 AEST market open, the benchmark S&P/ASX200 index had slipped 0.46% to 5,251.6 points, while the broader All Ordinaries index lost 0.42% to 5,247.8 points.

“Although the market could have a strong run into the end of 2013 we are entering a seasonally weak period for stocks, being the end of September and October,” Rivkin analyst Tim Radford said.

“In the backdrop there are major fundamental catalysts that could send stocks sharply lower over the next month, mainly in the form of the US debt ceiling and US Federal Reserve taper concerns.”

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