It was a case of what could have been for the local market today with a strong opening bounce fizzling into the close, a disappointing result following strong gains on Monday.

All sectors except financials and consumer staples finished lower, led by materials and energy which shed more than 1.5%. Information technology was also pressured, sliding 0.7%, giving up substantial early gains. Remarks from a senior Chinese official on the risks posed by asset bubbles dampened sentiment across the region, contributing to a slide in regional markets soon after they were delivered. After an aggressive move into the domestic bond market yesterday, the RBA did not follow that up with any further purchases today. The bank also delivered few surprises in its March policy statement, seeing long bond yields drift higher in response.

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