AUSTRALIA:The Australian stock market is declining sharply Friday, with energy stocks reeling under a harsh session of selling stress after the OPEC made a decision not to cut production.
Mirroring the sell-off in oil stocks, the Energy Index is down as much as 6.8 percent. Miners are down sharply as well. Financial and consumer staples stocks are among the other notable losers.
The benchmark S&P/ASX 200 index is down 76.4 points or 1.4 percent at 5,324.5. The broader All Ordinaries index is at 5,307.4, down 74.0 points or 1.4 percent from previous close.
In the oil sector, Santos is plunging nearly 10 percent, Oil Search is down 7.6 percent, Woodside Petroleum is declining 6.2 percent, Origin Energy is lower by 6 percent and Caltex Australia is down by about 2.5 percent.
Among top miners, BHP Billiton (BHP) is declining 3.5 percent and Newcrest Mining is down nearly 2 percent.
Fortescue Metals is flat, while Rio Tinto (RIO) is gaining about 1 percent. Rio Tinto has announced that it has deferred making an investment decision on its proposed billion-dollar new iron ore mine in West Australia’s Pilbara region. However, plans to ramp up production are still on, the company added.
shanghai shares start week with losses 25 june 2018
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