Australia shares end lower as China's property woes drag miners
AXJO gained 0.8% for the week
Banks hit best week since week-ending August 16
Miners dragged down by China's property woes
Updates to close
By Rajasik Mukherjee
Oct 18 (Reuters) -Australian shares fell on Friday, slipping from their record close a day earlier, as lacklustre stimulus from China and the continued weakness in the Chinese property sector hit mining stocks.
The S&P/ASX 200 index .AXJO finished 0.9% lower at 8,283.2. However, its 0.9% climb to end at an all-time high on Thursday, has helped it end the week 0.8% higher.
The heavyweight miners .AXMM fell 1.6%, their third consecutive session of losses, as subdued stimulus from China, Australia's top trading partner, hurt iron ore prices. IRONORE/
"Miners were hit hardest by China's lacklustre GDP growth and a gloomy property market update, both of which bode cautiously for the commodities demand outlook," Hebe Chen, market analyst at IG, said.
China's economy grew 4.6% in July-September quarter, official data showed, a touch above the 4.5% forecast in a Reuters poll but below the 4.7% pace in the previous quarter.
However, new home prices fell at the fastest pace since 2015, showing continued weakness in the property sector, a key user of steel.
Sector giants BHP Group BHP.AX and Rio Tinto RIO.AX dropped 2% and 0.9%, respectively.
The sub-index has ended in the red for three consecutive weeks, after its 0.7% decline this week.
Rate-sensitive financials .AXFJ ended flat. Top lender Commonwealth Bank of Australia CBA.AX gained 0.3%, while ANZ Group ANZ.AX lost 0.7%.
The banking sub-index added 4.1% this week, rising the most since week-ending Aug. 16.
The utilities sector .AXUJ declined 3.5%, hitting its lowest level in over a month.
Origin Energy ORG.AX fell 2%, while APA Group APA.AX dropped 5.9%.
Energy stocks .AXEJ eased 1.2%, with Woodside Energy WDS.AX and Santos STO.AX shedding 1.2% and 1%, respectively.
New Zealand's benchmark S&P/NZX 50 index .NZ50 gained 0.4% to finish at 12,823.89. The benchmark has shed 0.2% this week, snapping a two-week gaining streak.
Reporting by Rajasik Mukherjee in Bengaluru; Editing by Sumana Nandy
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