ASX Round-Up: US Stimulus Concerns Push ASX Down

The Australian Securities Exchange (ASX) fell today, closing at 5,219.60 points – down 22.90 points from the previous session. The market managed to hit a high of 5,242.50 points today before falling, The Sydney Morning Herald reported.

Friday’s fall comes after five days of the ASX experiencing gains. The index is now at levels not seen since before the financial crisis, the Herald reported. The market and investors are concerned about the US Federal Reserve’s meeting next week, which is expected to shed light on the future of its stimulus program, known as quantitative easing.

Investors are preparing for the Fed to taper the stimulus, and those fears are overshadowing the increase in Australian consumer confidence and an uptick in the Australian dollar, the source said.

Rare earth extraction and processing company, Lynas Corporation Limited (ASX:LYC) saw the biggest losses on the ASX today, falling $0.02 or 4.7 percent to $0.41. Whitehaven Coal Limited (ASX:WHC), which mines for coal in South Wales, also dropped $0.07 or 3.17 percent to $2.14.

Regis Resources Limited (ASX:RRL) and Aurora Oil & Gas Limited (ASX:AUT) both fell by roughly 3 percent on the ASX. Regis, which produces gold mainly from mines in Western Australia, fell $0.13 to $4.02 and Australian energy company Aurora fell $0.10 to $3.33.