|Published : 19 Apr 2017, 14:58:31|
Australian shares hover at 3-week low
Australian shares lingered at three-week lows on Wednesday with heavyweight bank shares sold after the central bank flagged risks in the country's housing market.
The energy shares continued to drag on persistent weakness in oil prices.
The S&P/ASX 200 index fell 0.5 per cent or 29.04 points to 5807.7 by 0232 GMT.
The benchmark financial index fell to a more than one week low with the "big four" banks dropping between 0.8 per cent - 1.4 per cent.
Westpac Banking Corp slipped to its lowest level in more than three weeks.
Real estate stocks took a beating with shares of property developers Scentre Group and Stockland Corporation Ltd shedding 2.1 per cent and 2.5 per cent, respectively.
Oil major Woodside Petroleum fell for a third session, while peer Oil Search Ltd hit a three-week low after it announced a drop in quarterly output.
Meanwhile, large-cap miners such as BHP Billiton and Rio Tinto reversed early losses, with Rio shares gaining more than 1.0 per cent at one point.
Telecom stocks rebounded, with Telstra shares snapping a four-day losing streak, according to Reuters.