Business
ASX falls 2.3pc, sealing a quarterly decline – The Australian Financial Review
Australian shares fell heavily on the last day of the third quarter, with the daily loss dragging what had been a largely flat quarter into the red.
Banks were some of the worst performers over the quarter, with the sector down 6.9 per cent as investors are wary of the potential for rising bad debts once government support fades.
The prospect of investing in the banks “doesn’t enthuse me”, said ST Wong, joint chief investment officer at Prime Value.
“They are the elephant in the room, they are cheap and at some point there will be rotation,” he said. “But I’m finding better ways to get exposure” to the recovery trade.
He is more disposed …
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