Australia: Shares close at 9-mth low

[SYDNEY] Australian shares ended at a nine-month low on Wednesday as investors overlooked faster-than-expected economic growth and a surprise rate cut by the US Fed amid growing fears of a global economic fallout from the coronavirus outbreak.

The S&P/ASX 200 index lost 1.7 per cent to finish at 6,325.40, its lowest since June.

The Australian economy expanded by 0.5 per cent in the last quarter, more than a Reuters poll prediction. However, the growth outlook for the current quarter is overcast with travel restrictions due to the coronavirus outbreak.

In New Zealand, the benchmark S&P/NZX 50 index gained 0.6 per cent to finish at 11,417.78.

REUTERS