Australia: Shares end lower as vaccine doubts weigh

[BENGALURU] Australia shares ended lower on Friday as renewed doubts about a promising coronavirus vaccine dented investor sentiment, while Treasury Wine dived on China's plans to impose temporary anti-dumping measures on Australian wine imports.

The S&P/ASX 200 index fell 0.5 per cent to end the session at 6,601.1 points and close lower for the second straight day.

Global markets eased after several scientists questioned some efficacy results of a trial of UK drugmaker AstraZeneca's Covid-19 vaccine candidate, stoking worries that this could lead to a delay in key approvals.

"It's likely the company will start a new trial to firm up results. The news was enough to trigger profit taking, given the importance of a vaccine to market confidence," said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking.

Optimism around multiple potential effective coronavirus treatments have partly buoyed stock markets in November, with the Australian bourse on track for its best month ever on the back of a near 25 per cent surge.

Treasury Wine Estates plunged more than 14 per cent and was the worst performer on the ASX 200 before trading in its shares was halted.

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China said it will impose temporary anti-dumping tariffs on wine imported from Australia from Nov 28, with Treasury Wine required to pay the highest deposit to China's customs authority of all wine importers.

Oil stocks incurred the most losses as they fell 1.8 per cent, led by Beach Energy which dropped 3.8 per cent and Oil Search which gave up 3.7 per cent.

Technology stocks, financials and miners also declined.

In New Zealand, the benchmark S&P/NZX 50 index closed 0.3 per cent higher.

REUTERS