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Australia shares fall 0.7 percent as banks weigh
June 3, 2014 / 6:18 AM / in 3 years

Australia shares fall 0.7 percent as banks weigh

(Updates to close)

SYDNEY, June 3 (Reuters) - Australian shares fell 0.7 percent on Tuesday as weakness in major banks weighed on the index, while a slight uptick among miners helped contain losses as new data showed growth in China, Australia’s largest export market.

Stocks showed little reaction to the decision by Australia’s central bank to hold its cash rate at a record low of 2.5 percent for a ninth straight policy meeting as past cuts slowly work their way through the economy.

The S&P/ASX 200 index ended down 39 points at 5,479.5 at the close of trade. The benchmark rose 0.5 percent on Monday.

New Zealand’s benchmark NZX 50 index fell 0.3 percent or 14.3 points to finish the session at 5,164.1. (Reporting by Thuy Ong; Editing by Prateek Chatterjee)

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