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Market Update

Weekly Loss of 4% in Australian Markets

Author: Marcus Jacob
Last Update: 9:13 AM ET May 24 2013

5:00 PM Sydney Australian market indexes extended losses for the second day as global uncertainties rise rooted in Chinese slowdown and premature withdrawal of economic stimulus in the U.S.

Australian markets extended losses for the second day in a row and for the week the market index declined nearly 4%.

The ASX 200 index dropped 78.90 or 1.6% to 4,983.50 and the broader All Ordinaries slumped 76.50 to 4,964.30. For the week ASX 200 declined 3.8%.

Australian dollar fell to 96.77 cents against the U.S. dollar and in stock trading turnover edged down to 1.1 billion worth $6.2 billion.

Stocks in Review

Rio Tinto slipped 59 cents to $54.51 and BHP fell 52 cents to $34.36.

Woodside Petroleum Limited decreased 47 cents to $37.

David Jones Limited slid 7 cents to $2.58 and Breville Group down 6 cent to $7.19. Woolworths slumped 51 cents to $33.46.

Mirvac Group lowered 2 cents to $1.68. Lend Lease dropped 11 cents to $9.88.

Westpac declined 60 cents to $29.32, Commonwealth slid 1.4% to $68.77 and National Australia Bank fell 1.3% to $31.29 and ANZ down 1.6% to $27.68.

Australian Agricultural Company Limited slid 2 cents or 1.8% to $1.08 after the beef cattle producer plan to sell its Brighton Downs Station for approximately $12 million.

Crown Limited slipped 23 cents or 1.9% to 12.83 after the billionaire James Packer, has sold its entire 10% stake in rival Echo Entertainment Group Ltd.

The Crown sold 82.5 million shares of Echo for A$3.20 per share which represents a 7% discount valued $264 million.

Echo Entertainment Group Limited plunged 11.9% to $3.03.

Newcrest Mining, Ltd. climbed 57 cents or 3.9% to $15.12 after the gold miner received confirmation about one of its New South Wales exploration licenses is under review and valid.

Shares of Silver Lake Resources Limited surged 8 cents or 11.7% to 76.5 cents and Kingsgate Consolidated Limited soared 12 cents or 8.8% to $1.55. Beadell Resources Limited shares climbed 3.5 cents or 5.7% to 64.5 cents.

Oil Search Limited rose 7 cents or 0.9% to $8.16 on a takeover speculation and poised to attract a bid ahead of its PNG LNG project starting up in 2014.

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