SYDNEY: The Australian stock market closed down for the third consecutive day as poor growth figures from China were published and shares in the financial sector slipped.
The benchmark ASX200 index was down by 38.2 points, or 0.64 per cent, at 5,908.4, while the broader All Ordinaries index dropped by 38.9 points, or 0.66 per cent, to 5,877.3.
Figures showed Chinese growth has fallen to seven per cent a year, its lowest level in six years, and the International Monetary Fund says the nation – a major buyer of Australian resources – needs to rebalance its economy. It forecast Chinese growth of 6.8 per cent for this year and 6.3 per cent next year.
