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Market Update

Australian Indexes Extend Losses to Fourth Day

Author: Marcus Jacob
Last Update: 11:43 AM ET November 21 2013

4:30 PM Sydney Australian stocks extended losses for the fourth day in a row and precious metal stocks led the decliners with a loss of 5%. BHP Chairman Jac Nasser said weakening Chinese trade will impact company revenue growth in the near future. CapitaLand cut its stake in Australand Property by 20%.

Australian market indexed declined for the fourth day in a row after traders turned cautious and precious metal related stocks declined more than 5%.

Australian dollar strengthened to 92.99 U.S. cents. In stock trading, turnover gained to 853 million shares worth $4.3 billion.

The ASX 200 index fell 19.40 to close at 5,288.30 and the broader All Ordinaries slid 20.30 to 5,284.30.

Investors turned cautious after the latest Fed policy minutes of meeting suggested that the central bank in the U.S. will begin to taper its large monthly bond purchase program of $85 billion a month in the next few months.

Stocks in Review

Rio Tinto rose 9 cents to $64.82. Woodside Petroleum Limited fell 12 cents to $37.99.

BHP added 1 cent to $37.56 and Chairman Jac Nasser at the company annual general meeting in Perth said a slowdown in Chinese economic activities will impact company revenue growth.

Westpac slid 13 cents to $32.29.

Australand Property Group declined 4% to $3.60 after Singapore based CapitaLand Ltd. sold its 20% stake or 115.66 million securities valued between $426.2 million and $433.7 million. After the sale, CapitaLand will still holds 39.1% interest in the company.

Dexus Property Group slipped 1.4% to $1.05 after the office real estate manager and developer rejected offer from GPT Group for Commonwealth Bank of Australia''s office trust.

The office landlord said it will continue to bid for the Commonwealth Property Office Fund together with the Canada Pension Plan Investment Board.

Ozforex Group Ltd gained 1.5% to $2.74 after the online payment service provider said net profit in the first-half climbed 14% to $9.5 million. Net fee and commission income surged 44% to $34.3 million and the transaction size jumped 22% to $23,100.

Last month, the company listed its stock on Australian stock exchange and raised $439.4 million in initial public offering. The company added active clients in the first-half jumped more than estimated 29% to 107,000.

SCA Property Group, after the property developer refinanced $600 million through Australia''s four major banks to reduce the cost of debt from 5.3% to 4.8%.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc