The Australian Stock Market suffered another losing week, with the S&P/ASX 200 giving up 139.5 points to close the week at 4840.4. The market has now ended in the red for nine consecutive weeks. The Dow Jones Index rose more than 200 points on Thursday night despite the fact that Merrills, Microsoft and Google all released forecasts that fell short of analyst's targets. Citigroup reported a smaller than expected second-quarter loss on Friday, helping the Dow Jones to rise nearly 50 points. Softer Commodity Prices helped push Rio and BHP lower as Oil and Gold both retreated from their highs.
GPT has moved to shore up its balance sheet with the sale of its hotels division, worth about $900 million, but analysts said this could be a tough ask, given the weak state of the local tourism market, as well as difficulties in borrowing amid the credit crisis.