Australian shares slip from record high as energy, tech stocks drag

Australian equities pulled back on Friday from a record high notched the day before, as losses in energy and tech stocks outweighed gains in gold shares.

The S&P/ASX 200 index fell 0.3% to 9,043.80 by 2344 GMT after a three-session winning run, trimming its weekly gain to 0.9%.

The benchmark crossed the 9,100 level for the first time on Thursday after data showed the country’s unemployment rate rose to a near four-year high in September, bolstering bets of an interest rate cut next month.

The Reserve Bank of Australia will scrutinise the quarterly inflation report due later this month before taking a call on its key cash rate at the November 4 meeting.

Energy stocks were the biggest percentage losers on the benchmark with a 1.6% fall and were set for a third straight weekly decline, as uncertainty over global energy supplies weighed on crude oil prices.

Energy firms Woodside and Santos slipped 1.5% and 0.9%, respectively.

Technology stocks fell 1.1%, tracking Wall Street’s moves overnight as signs of weakness in regional banks spooked investors already on edge over US-China trade tensions.

Local tech firm WiseTech Global declined 1.1%. Miners slipped 0.3% after iron ore prices closed lower overnight, weighed down by expectations of falling demand in top consumer China.

Miner BHP fell 0.6%. Both BHP and peer Fortescue are set to report their quarterly production reports next week. Gold stocks, on the other hand, touched a record high, advancing 2.5% on higher bullion prices.

Northern Star Resources rose 3.5%.

Among individual stocks, Iress jumped 4.9% and was the top gainer on the benchmark after new parties expressed interest in the financial software firm.

In New Zealand, the benchmark S&P/NZX 50 index slipped 0.6% to 13,315.04.