The market is now pulling back after earlier buying of bank and Telstra shares pushed the benchmark index higher.

The S&P/ASX200 Index fell 3.844, or 0.1 per cent, to 4,665.30 at 1322 AEST after investors sought stocks that offered yield such as banks and telecommunication companies, and sold mining stocks amid expectations the Chinese economy is spluttering.

The benchmark index had in earlier trade fallen as much as 0.3 per cent, only to rise at midday as much as 0.4 per cent. The index has lost 11 per cent since its 52-week high of 5,220.987 on May 14.


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