PERTH: The Australian sharemarket is substantially softer at noon, as worries about a Greek debt default and Chinese central bank actions see investors pull out of the local market.
At 12.05pm (AEST), the benchmark S & P/ASX200 index had fallen 42.8 points, or 0.73 per cent, to 5835.1, while the broader All Ordinaries index was down 43 points, or 0.73 per cent, at 5808.5.
Quay equities head of trading Tristan K’Nell said the Australian sharemarket opened the week deep in the red, following Wall Street lower as the market was again hit with concerns about Greece and its debt issues.
Meanwhile, movements by the People’s Bank of China on the weekend, which saw the central bank slash the reserve requirements for banks to help stimulate the economy, saw investors pull out of the market and pocket some profits today, Mr K’Nell said.
The main drag on the market at noon was the financial and retailing stocks, as uncertainty about future Reserve Bank of Australia interest rate moves hit high-yielding shares and consumer stocks, Mr K’Nell said.
