AUSTRALIAN STOCKS CLOSE AT RECORD, BUT OFF HIGHS
Australian share prices closed at record
levels, boosted by continued demand for gold and blue chip
industrials, but fell from the day's highs on late
profit-taking, brokers said.
    Hectic overnight demand for leading mining stocks by U.S.
And European institutions spilled over into early trading here,
boosting prices to new highs. Investors, encouraged by the
record gain on Wall Street, a stronger local currency and
easier interest rates, snapped up leading industrials.
    But brokers said the late burst of profit-taking may signal
the end of the bull run.
    "But overseas people may disregard it tonight and see it as
a small buying opportunity," one broker said. By the close of
trading, the all ordinaries index had passed yesterday's record
close by 7.4 points to reach 1753.7, but was well off its all
time high of 1762.3.
    The all industrials index had gained 13.3 points to 2614.7
and the all resources 3.0 points to 1097.9. The gold index had
risen 44.7 to 3073.9, eclipsing yesterday's record close
3026.9.
    National turnover was a heavy 185.7 mln shares worth 353.1
mln dlrs, with rises outnumbering falls 389 to 353.
    Demand for gold mines was keen in the morning session but
eased during the afternoon. Investors sought out lower priced
issues after recent strong rises in the sector.
    ACM and Nuigini Mining gained 60 cents each to 8.10 and
7.90, Devex added 50 to 13.00, Consolidated Exploration and
Whim Creek 40 each to 6.90 and 11.00 and GMK 30 to 8.50.
    Among heavyweight miners, CRA closed 10 up at 7.80 after
reaching 7.90, Western Mining gained two to 8.12 after reaching
8.24 and MIM was unchanged at 3.10, off its high of 3.22. More
than 2.2 mln MIM shares changed hands.
    Resources leader BHP closed five cents up at 11.60 after
reaching 11.70. Bell Resources added 20 to 5.70 and Peko
Wallsend closed 40 up at 7.40 after reaching a high of 7.60.
    On the industrials board ANZ gained 30 to 5.70, National
Australia 20 to 5.50 and Westpac seven to 4.90.
    News Corp put on 10 to 24.30, Northern Star 10 to 3.45 and
Universal Telecaster's target Mackay TV was steady at 39.00 in
Brisbane. Telecasters North Queensland, of which Bond Media has
19.9 pct, rose 20 to 6.50 and Rockhampton TV 40 to 11.50.
    June share price index futures reached 1767.0 but fell
sharply to close 13.0 points off yesterday's close at 1735.5.
 REUTER
