MARKET COMMENT: S&P/ASX 200 Down 1%; China Property Curbs Weigh
March 04 2013 - 4:52AM
Dow Jones News
0223 GMT [Dow Jones] Australia's S&P/ASX 200 extends
Monday's fall after China's Shanghai Composite dived 2% in early
trading following China's announcement of new measures late Friday
to curb property speculation. The measures announced by Australia's
biggest trading partner include higher downpayment and mortgage
rates in cities, where property prices have risen quickly, and a
tightening of enforcement of a 20% capital gains tax on property
transactions. Resources are continuing to lead declines, with BHP
(BHP.AU) down 3.1% after commodity prices weakened Friday and BHP
went ex-dividend Monday. Financials have reversed early gains, with
Westpac (WBC.AU), NAB (NAB.AU) and Macquarie (MQG.AU) down
0.9%-1.5%. The S&P/ASX 200 has 20-day moving average support at
5014. Key support from last week's low is at 4978.4. The index is
down 1.0% at 5033.7. (david.rogers1@wsj.com)
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