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Australia shares end lower as casino operator Crown slumps; NZ down
October 17, 2016 / 6:26 AM / a year ago

Australia shares end lower as casino operator Crown slumps; NZ down

(Updates to close)

Oct 17 (Reuters) - Australian shares closed lower on Monday, with Crown Resorts Ltd posting its biggest daily decline on record after it said 18 of its employees including its head of VIP gambling had been detained by Chinese authorities.

Crown Resorts, Australia’s biggest casino company, slumped 13.9 percent.

The S&P/ASX 200 index extended losses into a fourth consecutive session, closing down 0.8 percent or 45.33 points at 5,388.7, its lowest in almost three weeks.

Sentiment also remained subdued after Federal Reserve Chair Janet Yellen on Friday expressed concerns of weakening U.S. economic potential and said that the Fed may need to run a “high-pressure economy” to reverse damage from the 2008-2009 crisis.

Losses were driven by consumer cyclicals, healthcare and financials. Domino’s Pizza Enterprises Ltd was the second biggest percentage loser on the main index, shedding 2.5 percent.

New Zealand’s benchmark S&P/NZX 50 index fell nearly 1 percent or 66.89 points to finish at 7,066.37, its lowest in three months.

Orion Health Group Ltd was the biggest percentage loser on the index, falling 4.5 percent to its lowest in more than six months.

Reporting by Geo Tharappel in Bengaluru; Editing by Kim Coghill

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