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Despite the strong activity, the local market failed to close above the 6300-mark, as traders lost their nerve when confronted with the prospect of new ten-year highs. Any advance towards that mark has again become remote, as financial markets pull risk-off the table amid the developing financial crisis in Turkey.
The Australian share market took a surprise run at a record high on Thursday, galvanized by better than expected reports from some of the financial sector’s big players. The week’s highest close was at 6297, just shy of a decade-long high, and looked poised to consolidate near that level as Friday came to an end. Unfortunately for equity traders, news of the financial crisis in Turkey and its possible impact on European banks floored the local market, as macro drivers undermined the market’s solid fundamentals. The ASX200 has subsequently tumbled back to 6247, with a trend line good since March this year looking exposed at 6235.