AUSTRALIAN equities pulled back on Friday from a record high notched the day before, as losses in energy and tech stocks outweighed gains in gold shares.
The S&P/ASX 200 index fell 0.3 per cent to 9,043.80 by 2344 GMT after a three-session winning run, trimming its weekly gain to 0.9 per cent.
The benchmark crossed the 9,100 level for the first time on Thursday after data showed the country’s unemployment rate rose to a near four-year high in September, bolstering bets of an interest rate cut next month.
The Reserve Bank of Australia will scrutinise the quarterly inflation report due later this month before taking a call on its key cash rate at the Nov 4 meeting.
Energy stocks were the biggest percentage losers on the benchmark with a 1.6 per cent fall and were set for a third straight weekly decline, as uncertainty over global energy supplies weighed on crude oil prices.
Energy firms Woodside and Santos slipped 1.5 per cent and 0.9 per cent, respectively.
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Technology stocks fell 1.1 per cent, tracking Wall Street’s moves overnight as signs of weakness in regional banks spooked investors already on edge over US-China trade tensions.
Local tech firm WiseTech Global declined 1.1 per cent.
Miners slipped 0.3 per cent after iron ore prices closed lower overnight, weighed down by expectations of falling demand in top consumer China.
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Miner BHP fell 0.6 per cent. Both BHP and peer Fortescue are set to report their quarterly production reports next week.
Gold stocks, on the other hand, touched a record high, advancing 2.5 per cent on higher bullion prices. Northern Star Resources rose 3.5 per cent.
Among individual stocks, Iress jumped 4.9 per cent and was the top gainer on the benchmark after new parties expressed interest in the financial software firm.
In New Zealand, the benchmark S&P/NZX 50 index slipped 0.6 per cent to 13,315.04. REUTERS
