The Business Times

Australia: Shares post weekly loss on lockdown extension fears

Published Fri, Jul 9, 2021 · 03:45 PM

[SYDNEY] Australian shares closed lower on Friday to record a weekly loss, as the country stared at a possible extension in its lockdown due to a surge in virus cases.

The S&P/ASX 200 index ended down 0.93 per cent at 7,273.3, pulling back from a 3-week high notched in the previous session.

For the week, it shed 0.5 per cent.

Australian authorities warned on Friday that a three-week lockdown may be extended as Sydney reported its biggest rise in local cases for the year.

That battered travel stocks on the ASX 200. Travel agency Webjet, the second-biggest loser on the benchmark, declined as much as 6.5 per cent to fall to its lowest level since May 20.

The technology sub-index tanked 2.8 per cent, leading losses on the benchmark and dropped 1.7 per cent for the week.

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Buy-now-pay-later juggernaut Afterpay fell 5.2% on Friday and posted its second straight weekly loss.

The sector tracked a weak Wall Street finish overnight, with Nasdaq retreating from record closing highs.

In New Zealand, the benchmark S&P/NZX 50 index fell 0.5 per cent to 12,690.4. It snapped a 5-week winning streak to mark a slide of about 0.2 per cent.

REUTERS

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