The Australian share market has closed almost flat as investors wait to see if there will be more moves to stimulate the sluggish US economy.
At 1615 AEST on Wednesday, the benchmark S&P/ASX200 index had fallen three points, or 0.07 per cent, to 4,356.4 points, while the broader All Ordinaries index was down 5.5 points, or 0.13 per cent at 4,381.5 points.
On the ASX 24, the September share price index futures contract was two points higher at 4,349 points, with 15,435 contracts traded, according to preliminary calculations.
IG Markets market strategist Stan Shamu said the local market had been sidelined so far this week.
Mr Shamu said investors were awaiting a meeting of central bankers and economists, including US Federal Reserve chairman Ben Bernanke, at Jackson Hole, Wyoming in the US later this week.
Market traders will be scrutinising Dr Bernanke’s speech on August 31 for any indications that the Fed Reserve will undertake further measures to stimulate the US economy.
“Ahead of that Jackson Hole meeting, everyone is wondering if we’re going to get further (quantitative) easing. I think everyone’s just a bit too sceptical to make a move at the moment,” Mr Shamu said.
He said the resources sector had weighed down the market as mining stocks were pulled back by lower iron ore prices.
In the resources sector, BHP Billiton was 34 cents weaker at $32.76, while Rio Tinto backtracked $1.21 to $50.54.
Australian oil and gas producer ROC Oil firmed 0.5 cents to 32 cents as it booked a $US28.6 million ($A27.69 million) net profit for the first half of the year.
Among the major banks, Commonwealth Bank dropped 10 cents to $54.31, Westpac scraped off one cent to $24.86, ANZ found four cents at $24.98, and National Australia Bank shed 16 cents at $25.09.
Among other stocks, construction and maintenance firm Transfield Services was 13.5 cents lower at $1.915 after the head of the company stepped down, following several profit downgrades.
Engineering firm WorleyParsons lifted 12 cents to $26.32 after it posted an improved underlying full year profit despite the impact of uncertain economic conditions and the high Australian dollar.
Mining services group Ausdrill was up three cents at $3.49 after it lifted its 2012 net profit by 54 per cent it and forecast more growth this year.
Preliminary national turnover was $1.73 billion securities worth $3.86 billion, with 522 stocks down, 413 down and 353 unchanged.
