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STOCKS - AUSTRALIAN STOCKS WEAKER AT NOON - AUG 1, 2002.

AsiaPulse News

| August 01, 2002 | COPYRIGHT 2002 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

SYDNEY, Aug 1 Asia Pulse - The Australian share market continued to lose ground at noon, despite stronger trading in the US overnight.

The market was weakened by media and resource stocks but propped up by a strong banking sector.

The benchmark S&P/ASX 200 index fell 10.6 points or 0.3 per cent to 3075.6, while the all ordinaries lost 9.6 points or 0.3 per cent to 3023 at 1200 AEST.

On the Sydney Futures Exchange, the September share price index contract was 16 points weaker at 3066 - a 9.6 point discount to the underlying index - on a volume of 3,083 contracts.

The broad United States market has climbed about five per cent so far this week, but the gains have come after a brutal sell-off in recent weeks.

In the US overnight, blue-chip stocks rallied later in Wednesday's trade as investors bet data showing a slowdown in second-quarter economic growth was already reflected in stocks' four-month slide, but tech shares slid on worries about slower business spending.

The Dow Jones industrial average was up 56.56 points, or 0.65 per cent, at 8,736.59.

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