Aust. market slide continues

Press, 21 January 1982, Page 16

Aust. market slide continues

The Australian sharemarket yesterday slid to its lowest level in nearly two years. A further easing of industrial issues and another retreat by leading resource issues sliced 2.7 points off the all-ordinaries index. The chief market measure closed at 544.4, just over a point lower than the previous slump in the final days of October last year. It has lost 51.1 points this year. On October 29, the index fell to 545.6 as major mining issues slumped to yearly, and, in several cases, two-yearly lows. The all-resources index today shed 3.4 points to 421.0, its lowest point since it was introduced two years ago. Several resource issues and leading stocks firmed in early trading yesterday but hopes of a rally were crushed under the weight of selling orders.

Brokers said a pick-up in turnovers yesterday indicated that many ' traders were anxious to stop further losses. The lack of buying support. especially from overseas and professional traders, has taken its toll on the industrial sector. Industrial issues weathered the downturn in the second half of last year, but the absence of solid support has exposed industrials to the full force of market pressures. The all-industrials index ' was only down 1.8 points at 695.7, but the index has lost 45.5 points so far this year. Oil and gas issues have borne the brunt of the downswing despite bullish predictions of a buoyant oil and gas sector and abundant speculative opportunities in the first six months of the year. The oil and gas index

slipped through the 600-point level today with a 2.0 point loss to 598.3. The index has

fallen 87.5 points in less than ; three weeks trading this ;* year.