Business News
No New Year bounce for Australian stocks
Dec 30, 2011, 6:17 GMT
Sydney - Australian stocks closed lower on the last trading day of 2011 to post a 14-per-cent loss for the whole year.
The ASX 200 gave up 14 points on Friday, or 0.4 per cent, to close at 4,056.
The market, which over 2011 see-sawed in a 20-per-cent range, spurned the optimism that drove Wall Street 1.1-per-cent higher.
With the central bank signaling more interest rate cuts to come, some analysts say the market is oversold and could rebound strongly in 2012 as investors regain their appetite for equities.
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