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- ASX 200 finished the financial year laggard, closing 1.97% lower.
- Utilities, energy, and materials lead losses, taking large-cap stock prices down.
- Chinese peers ended the day higher, while Japanese and Korean markets fell.
The Australian markets saw a lousy end to the financial year. Australian index ASX 200 closed 1.97% lower today, ending the financial year 10.2% lower.
The day’s losses were led by utilities, energy, and material stocks, with least drops recorded in telecommunications and industrials. The worst hit stocks on the index were Tyro Payments Limited (ASX:TYR) down over 7%, and Unibail-Rodamco-Westfield (ASX:URW), losing 6.00%. The top performer was PointsBet Holdings Limited (ASX:PBH), which gained over 10%.
Other noteworthy trends
Market Volatility indicator- A-VIX was up 4.231%. Meanwhile All-Ordinaries index followed the ASX 200 losing 1.425%. Large cap stocks symbolised by ASX 50 index (XFL) lost over 1.508% and Midcap index ASX Midcap 50 (XMD) dropped 0.996%. ASX Small Ordinaries index (XSO) also closed 1.284% lower.
Top gainers and losers
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Global market trend
In the US, equities painted a mixed picture overnight. While telecom, healthcare and technology stocks gained, oil & gas, basic materials and industrials lost shine. By market close, Dow Jones Industrial Average was higher, while the S&P 500 index moved down. The NASDAQ Composite index also registered a loss.
Meanwhile US Fed’s Chair Jerome Powell and his peers from Europe warned of a long-lasting inflation during the European Central Bank (ECB)’s annual forum organised in Portugal. In Asia Pacific, China’s factory output expanded and Covid curbs were eased in top cities like Shanghai.
In Asian markets, Japan’s Nikkei closed lower along with South Korean KOSPI. Meanwhile, Hong Kong's Hang Seng, China’s Shanghai Composite and Shenzhen Component closed higher.
On commodities front
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