Aust stocks put on 2.7% in week

Local market loses puff to close flat in volatile trade, after latest sign of China slowdown.

The Australian stock market toyed with the 5000 level in volatile trade before closing flat to put the week's gains at 2.7%, with investors losing enthusiasm on the latest indication of a drop off in China's growth rate. 

Early buying momentum that saw the index track above the key 5000 threshold to an intra-day high of 5012.5 faded in late trade, after China's finance minister Lou Jiwei cautioned the economy was likely to grow at slower pace than expected.

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