Australian Market Hits 6,000 For First Time Since 2008 Crisis

Australia's sharemarket Tuesday broke above 6,000 points for the first time since the global financial crisis, pushing past a psychological barrier amid optimism about the world economy

Sydney,(UrduPoint / Pakistan Point News - 07th Nov, 2017 ) :Australia's sharemarket Tuesday broke above 6,000 points for the first time since the global financial crisis, pushing past a psychological barrier amid optimism about the world economy.

The benchmark S&P/ASX 200 briefly passed 6,000 in mid-day trading, after failing to breach the level in several attempts over recent years. The market plunged below 6,000 in 2008 as the financial crisis sent shock waves through global markets.

"We are going through this transition period -- from one which is completely engineered to one now where the market is standing on its own feet," IG Markets chief strategist Chris Weston told AFP.

"(It's) also showing signs that the global economy is not just on the up, but corporates are actually doing their own thing.

" Central banks around the world slashed interest rates and pumped huge amounts of cash into the financial system in a bid to boost economic growth after the crisis.

But several major central banks have started to wind back their stimulus packages as the pace of economic recovery quickens. "You are seeing (companies reporting) topline growth in a number of countries and we are sort of moving away from that central bank kicker, although that is still very much in the market and still helping the situation," added Weston.

Mining stocks led the way Tuesday amid improving oil and iron ore prices.