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Australia’s share market has experienced the ripple effect of the US GameStop controversy, closing lower for a third consecutive day as US hedge funds sold stock to recover huge losses.
The ASX indices were higher by 0.6 per cent at 1200 AEDT after a good lead from Wall Street, but fell in the second half of Friday’s session.
The S&P/ASX200 benchmark index closed lower by 42.3 points, or 0.64 per cent, to 6607.4.
The All Ordinaries closed lower by 46.7 points, or 0.68 per cent, at 6870.9.
Tribeca Investment Partners portfolio manager Jun Bei Liu said she was a little surprised by the result and believed US hedge funds’ selling due to the GameStop controversy was part of the reason.
“In Australia and Asia, we all felt the ripple effect,” she…
