Australia shares log fifth weekly gain; Mideast tensions take some shine off
ASX 200 up for a fifth straight week
Banks up for a fifth week
Energy stocks highest since mid-Feb
Gold stocks end at record level
Australian shares wrapped up a fifth week of gains with declines on Friday after Israel's strikes on Iran dampened global risk sentiment.
The S&P/ASX 200 index fell 0.2% to 8,547.40 points at the close. However, the benchmark was up about 0.6% for the week, marking a fifth straight weekly gain.
Global markets slumped after Israel attacked Iran, as heightened geopolitical uncertainty caused investors to flee equities and find shelter in safe haven assets including gold and the Swiss Franc.
a military strike on Iran's nuclear facilities and missile factories on Friday to prevent Tehran from building an atomic weapon. The United States said it had no part in the operation.
Tim Waterer, chief market analyst at KCM Trade, said market anxiety intensified following the Israeli air strikes.
"Traders were less inclined to take on new long positions today until we see how the situation in the Middle East plays out," Waterer said.
The losses on the benchmark were led by a 0.4% fall in heavyweight financials.
Despite Friday's losses, the index notched its fifth consecutive week of gains.
The country's 'big four' banks shed 0.2%-0.7% on the day.
Technology stocks fell 1.2%.
In contrast, energy stocks jumped nearly 5%, hitting their highest since mid-February. The index rose for a third week due to surging oil prices on fears of supply disruptions due to Middle East tensions.
Gold stocks advanced more than 4%, hitting a record close, as investors rushed to safe-havens amid the Israel-Iran conflict.
New Zealand's benchmark S&P/NZX 50 index fell 0.8% to close at 12,552.87 points. (Reporting by Adwitiya Srivastava in Bengaluru; Editing by Sonia Cheema)
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