June 20 (Reuters) - Australian shares fell for a seventh
straight session on Monday to mark their longest losing streak
since March 2020, as miners tumbled due to a sell-off in
commodities over declining China demand and deepening fears of a
The S&P/ASX 200 index ended 0.64% lower at 6,433.4,
with the country's three top miners losing roughly A$26.06
billion ($18.18 billion) in market value.
Shares of the three mining behemoths - Rio Tinto,
BHP and Fortescue - dropped between 5.1% and
8.6%. The mining index tumbled 5.1%, hitting its lowest
since Dec. 13 and extending its fall after last week's 7.4%
Energy Stocks slid 5.2% to be among the biggest
laggards on falling oil prices, as concerns about slowing global
economic growth and fuel demand outweighed worries about
Heavyweights Woodside Energy Group and Santos
declined nearly 5% and 6%, respectively.
Financials, however, climbed 0.55% to break their
nine-session losing streak, with the so called "Big Four" banks
rising in a range of 0.3% to 1.2%.
Investors are now awaiting the Reserve Bank of Australia
minutes due on Tuesday for any interest rate policy cues, said
Jeffrey Halley, a senior market analyst at OANDA.
In corporate news, building materials manufacturers
Brickworks and Boral are cutting back
operations, hiking prices and considering moving production
offshore to manage a spike in power and gas bills. Shares of
Brickworks closed 0.2% higher, while those of Boral rose
In New Zealand, the benchmark S&P/NZX 50 index
closed almost flat 10,588.2.
($1 = 1.4337 Australian dollars)
(Reporting By Navya Mittal in Bengaluru; Editing by Subhranshu