Overnight, Wall Street stocks finished decisively lower as expectations for a delayed pivot on US monetary policy added to selling pressure. Adding to the selling pressure has been a rise in US Treasury bond yields -- a proxy for interest rates.
At closing bell, the benchmark S&P/ASX200 index was down 105.33 points, or 1.34%, to 7,782.54. The broader All Ordinaries index sank 112.18 points, or 1.38%, to 8,033.60.
Total 9 of 11 sectors were lower along with the S&P/ASX 200 Index. Information technology was worst performing sector, falling 3.95%, followed by A-REIT (down 3.3%), and consumer discretionary (down 2.1%) sectors. Utilities was the best performing sector, gaining +0.16% 11 sectors.
The top performing stocks in S&P/ASX200 index were RAMELIUS RESOURCES and WEST AFRICAN RESOURCES, up 5.25% and 5.1% respectively. The bottom performing stocks in S&P/ASX200 index were CREDIT CORP GROUP LIMITED and STANMORE RESOURCES LIMITED, down 6.20% and 5.83% respectively.
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