Australian Stock Market Performance

SYDNEY, May 18 - Australian shares fell 0.8 percent

on Friday, losing steam after a record close in the previous

session, with the top miners leading declines following a slide

in base metal prices.

Losses in Boom Logistics Ltd. and

telecoms firm Telstra Corp. Ltd. , following analysts'

ratings upgrades, also dragged down the broader market.

The benchmark S&P/ASX 200 index lost 53.4 points to

6,312.5, based on the latest available data, easing from a record

closing high of 6,369.9 in the previous session.

Decliners outpaced advancers 1,104 to 883, while 437 issues

were unchanged. The index inched up 0.2 percent on the week.

"I suspect the market was driven (lower) by investor fatigue

and profit taking in the resources sector today as investors

reacted to continuing hefty falls for uranium prices

overnight," said Guy Hutchings, chief investment officer at MFS

Investment Management Ltd.

Still, analysts said resource stocks look well supported on a

solid outlook for commodities demand, while healthy company

earnings and strong liquidity flows will continue to shore up the

overall market.

"There's nothing in the broader global environment to suggest

that equity markets are going to fall over," said Simon Doyle,

head of strategy at Schroder Investment Management.

"So that's a cocktail of good growth, okay valuations and

reasonable profit momentum. There's also lots of liquidity in the

global financial system that is looking for a home," he said.

The world's top miners led losses in Australia after signs of

oversupply in Korea sent copper prices tumbling on Thursday

BHP Billiton Ltd. lost 2.5 percent to A$30.71 while

Fortescue Metals Group. , which has seen its share price

surge on takeover speculation, fell 7.9 percent to A$34.45.