MARKETS SPECTATOR: Offshore sell-off starts an ASX slide

Foreign fund managers have begun selling Australian bank stocks, and while some may choose the big miners, the Australian dollar's fall is exacerbating the market exodus.

Foreign fund mangers continued their sale of bank, utility and consumer discretionary stocks sending the S&P/ASX200 Index down 1.4 per cent at 1247 AEST.

The S&P/ASX200 Index was down 69.646 points to 4,992.80. It is still up 23 per cent over the last 12 months.

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