SYDNEY: The Australian equity benchmark ended lower on Friday, logging its worst week since April, as miners dragged due to weaker commodity prices and major banks slipped on falling home loan applications.
The S&P/ASX 200 index fell 0.8 percent to 9,115.20 points. The index lost 1.6 percent for the week, the steepest since the week ended April 24.
Weakening commodity prices have hit the resource-heavy index, while a sharp decline in home loan applications has raised concerns that higher borrowing costs and proposed property tax changes are beginning to weigh more heavily on credit growth and bank earnings.
The heavyweight broader mining sub-index fell 2.6 percent, as copper and bullion weakened. BHP Group and Rio Tinto lost about 3 percent each, while gold miners Northern Star Resources and Evolution Mining declined 2.3 percent and 3.4 percent. Investors also digested June-quarter local home loan data that showed a 5.2 percent decline.
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