Australian shares gained 1.3% on Friday but still lost 4.3% for the week. The benchmark S&P/ASX200 index was 49.8 points, higher at 3773.2 and the broader All Ordinaries index was also up 1.3%, or 48.1 points, at 3758.9. The local market is expected to soften on jitters over the US economy.
The Australian share market showed a quiet response to the federal budget and closed in thin trading on Wednesday. Meanwhile, a growing list of companies seeking capital raising also absorbed attention from investors. The benchmark S&P/ASX200 index fell 21.1 points, or 0.54 per cent, at 3856.1, while the broader All Ordinaries index dropped 21.1 points, or 0.55 per cent, to 3842.5.
Australian share closed at their five-year low point. The benchmark S&P/ASX200 was down 0.1%, or 4.1 points, at 3327.5, while the broader All Ordinaries index also fell 0.1%, or 3.5 points, at 3281.5.
The Australian stock market staged a late rally on last Friday, with the benchmark S&P/ASX200 index closing up 63.6 points, or 1.9 per cent, at 3,416.5, while the broader All Ordinaries index gained 54.3 points, or 1.63 per cent, to 3,386.9. Market is struggling to recover with some "bear market rally" although the fundamental problems remain. Analysts said the recent fluctuation is because of uncertainty and the political factors are important at this stage.
On Wednesday, the Australian sharemarket closed lower despite a positive start led by rally on Wall Street overnight. The benchmark S&P/ASX200 index was down 23.6 points, or 0.67 per cent, at 3,499.63 while the broader All Ordinaries index shed 29.9 points, or 0.85 per cent, to 3,483.23. The market has lost half its value, or A$804 billion in just over one year. Analysts say that the overall trend may not change without catalyst for the market to go up while the overseas will pull the Australia market lower each time it seems to hit the bottom.