MARKET TALK: S&P/ASX 200 Down 0.5% On Sell Programs

28th Jun 2010 02:47

0147 GMT [Dow Jones] S&P/ASX 200 down 0.5% at 4391.9, hits fresh 2-week low of 4385.9 amid talk of a couple of sell programs, which have pushed the market down in the face of 0.3% rise in AUD/USD. Among heavyweights, BHP (BHP.AU) down 0.9%, Rio Tinto (RIO.AU) down 1.2%, Westpac (WBC.AU) down 0.6%, Woodside (WPL.AU) down 1.2%, Macquarie (MQG.AU) down 2.0%, Brambles (BXB.AU) down 2.1% after early gains. Senior institutional trader at major broker says there's some concern about the divergence of G-20 views toward the need for fiscal stimulation/consolidation, although those concerns aren't new. "It's just an extremely quiet day, with little to no flow, though there are a couple of sell programs in the market I heard today." He remains bearish on the market this week, but adds that's now a consensus view. "I just think there's a lot of uncertainty on the U.S. economy and European sovereign risks and no one seems willing to step up and buy." ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires June 27, 2010 21:47 ET (01:47 GMT)