Australia Banks Weekly Drop Most in 19 Months as Rally Sold
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Australian bank stocks fell 1.6 percent capping their biggest weekly decline in 19 months as investors sold out of a rally that had driven financial shares to a record high last month.
The S&P/ASX 200 Banks index closed at 7,727.95, dropping 6.6 percent this week. Australia and New Zealand Banking Group Ltd. declined the most among the top four banks this week, falling 8.5 percent, while Westpac Banking Corp. was down 6.5 percent for the period.