5:30 PM Sydney – Australian market indexes traded lower and extended weekly losses as investors dial back global growth expectations. Horizon Oil Limited said it struck oil off the coast of China. Finbar Group received government approval for its retail and residential project in Perth.
Australian market indexes quickly descended into correction territory after the opening but managed to trim losses in the late afternoon trading.
World markets are likely to struggle after three weeks of losses and as investors dial back expectations after the prospect of global economic recovery dims.
Australian dollar closed at 87.31 U.S. cents and in stock trading turnover jumped to 788 million shares worth $4.43 billion.
ASX 200 Index slumped 108.40 or 2.1% to 5,188.30 and broader All Ordinaries Index dropped 107.60 to 5,185.70.
In stock trading, 868 million shares changed hands worth $5.39 billion.
Australian Stock Movers
Finbar Group Limited
slipped 1.5% to $1.35 and the property developer received development approvals from the Metro Central Joint Development Assessment Panel worth $60 million to construct 112 residential apartments and retail shops near Northbridge of Perth.
Ten Network Holdings Limited
plunged 7.3% to 19 cents after the broadcast network operator signed a strategic partnership with Context Media.
The broadcast network operator estimated underlying loss for the year ending in August of about $65 million.
The company is scheduled to release its quarterly result on October 16.
tumbled 68.5% to 25.5 cents after the mining infrastructure and services provider forecasted net profit for the fiscal year may between $1 million and $3 million. In August, the company said profit for the year would increase from reported $13.3 million a year ago period.