MARKET COMMENT: S&P/ASX 200 Stays Down After China PMI
01 May 2013 - 12:07PM
Dow Jones News
0136 GMT [Dow Jones] Australia's S&P/ASX 200 is down 0.6% at
5161.1, maintaining weakness after China's official manufacturing
PMI fell to 50.6 in April versus the 50.9 consensus of economists
surveyed by Dow Jones Newswires. Resources stocks remain in the red
as the continuing slow pace of expansion leads investors to expect
commodity prices to stay weak. BHP (BHP.AU), Rio Tinto (RIO.AU),
Newcrest (NCM.AU), Fortescue (FMG.AU) are down 1.3%-1.8%. Traders
are watching to see whether the index closes Wednesday below the
5163.8 Mar. 12 peak. A weaker close may suggest to some that
Tuesday's rise to a 4 1/2 year high 5195.1 was a false break of
technical resistance. (david.rogers1@wsj.com)
Write to Shani Raja at shani.raja@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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