Australian stocks are taking a beating as a weak lead from Wall Street and tax loss selling have combined to drive the S&P/ASX200 down 1.5%.
Only 9 stocks in the benchmark S&P/ASx200 are trading higher, with Mineral Resources (MIN.AU) leading the way with a near 8% gain.
Among the biggest losers is BT Investment Management (down 6.4%), nickel and gold miner Independence Group (down 4.6%) and building products makers CSR (down 4.3%).
The Australian tax year ends on June 30 so investors have been selling their dud stocks to crystallize losses. The S&P/ASX200 Index is up roughly 9% over the past year