STOCKS - AUSTRALIAN MARKET OPENS LOWER - JULY 1, 2008.

SYDNEY, July 1 Asia Pulse - The Australian share market began the first trading day of the new financial year in the red, as banking stocks fell again on credit concerns.

At 1015 AEST the benchmark S&P/ASX200 index was down 5.8 points, or 0.11 per cent, at 5,209.5 and the broader All Ordinaries lost 3.8 points, or 0.07 per cent, to 5,329.1.

But the September share price index futures contract was 21 points up at 5,214, on a volume of 7,559 contracts.

All the major banks were weaker with Westpac down 46 cents or 2.3 per cent to $19.54, ANZ losing 30 cents to $18.42, Commonwealth Bank of Australia off 62 cents to ...