Australia: Energy stocks, Mesoblast's near 45% drop weigh on Australian shares
[BENGALURU] Australian shares fell on Friday, dragged by losses in energy stocks after an overnight tumble in oil prices, while a near 45 per cent plunge in biotech firm Mesoblast Ltd also weighed on the benchmark.
The S&P/ASX 200 index fell up to 0.8 per cent to 5,824.1 in early trade and was on track for a weekly drop of 2.5 per cent. The benchmark had closed 1 per cent higher on Thursday.
Mesoblast hit its lowest since late-April and was the top percentage loser on the benchmark after the US Food and Drug Administration demanded more proof that its flagship drug worked.
Meanwhile, an overnight plunge in oil prices knocked the energy sub-index down 2.5 per cent to its lowest since April 22.
Shares of Beach Energy and Oil Search were the top percentage losers, both losing around 2 per cent Mining stocks dropped as much as 2.2 per cent, hitting their lowest in nearly three months. Heavyweights BHP Group and Rio Tinto shed up to 2.9 per cent and 1.7 per cent, respectively.
Financials declined as much as 1.1 per cent to their lowest in a week.
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The tech index, the only sub-index to trade in the positive territory, advanced 2.2 per cent and hit a one-month high.
Gains in Wisetech Global, up 5.7 per cent, and Afterpay's 3.7 per cent rise boosted the index.
In New Zealand, the benchmark S&P/NZX 50 index was down 0.1 per cent at 11,795.99 by 0110 GMT.
The top percentage gainer on the benchmark was Serko, up 6.7 per cent, while the top percentage loser was Vista Group International, down 3 per cent.
REUTERS
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