PERTH: The Australian sharemarket has shrugged off positive leads from Wall Street to open slightly weaker, as concerns over a Greek debt deal continue to cast a dark shadow over investor confidence.
At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index was down 8 points, or 0.14 per cent, at 5,548.7 points, while the broader All Ordinaries index lost 8 points, or 0.14 per cent, at 5,554.6 points.
CMC chief market analyst Ric Spooner said with yesterday’s confidence on Greece being turned around, sharemarkets have been forced reluctantly back to a cautious frame of mind.
“While the share market looks set to be cautious today, traders will be alert to the possibility that yesterday’s rally might continue given the strong upward momentum implied by the 1.4 per cent gain in the ASX 200 index,” he said.
A bounce off the 61.8 per cent Fibonacci retracement level on Wednesday suggested that buyers are seeing value after heavy losses in some stocks, and may get trigger happy if they have a sense that the rally is continuing, creating the risk of missing an opportunity, Mr Spooner said
