ASX Down Amid Poor Consumer Sentiment, Weak Economic Outlook

The Australian Securities Exchange (ASX) was down 78.9 points, or 1.56 percent May 24 to 4,983.499, according to The Sydney Morning Herald. The ASX hit a high of 5,083.5 today and a low of 4,954.9.

However, on May 23, the ASX sunk as low as 5,062.45, the Herald reported.

Among the biggest gainers on the ASX is Regis Resources Limited (ASX:RRL), which increased 6.08 percent or AUS$0.22  to hit $3.838. Newcrest Mining Limited (ASX:NCM) also increased by nearly 4 percent or $0.570 to hit $15.111, the Herald reported.

Atlas Iron Limited (ASX:AGO), however, was among the companies that fell the most on the ASX. The company fell 3.39 percent or $0.350 to $9.974.

The ASX closed at low levels throughout the week. The Herald said Australian stocks were “dragged down” by the banks and a report that showed poor consumer sentiment.

”Looking at the breakdown, there was a 13.4 per cent decline in where consumers see the economy in one year ahead, while there was also a 3.9 per cent drop in current conditions,” said IG market strategist Chris Weston, according to the Herald.

Marketwatch reported Australian stocks have declined due to concerns over the outlook for local and Chinese economies.