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Jun 4, 2009, 6:57 GMT

Profit taking hits Australian stocks

Sydney - Australian stocks succumbed to profit-taking Thursday as investors took advantage of this week's run up and sold shares to lock in gains. The ASX 200 slid 82 points, or 2 per cent, to 3,934. 'Traders were looking for an excuse to lock in some short-term gains,' Macquarie Private Wealth analyst Lucinda Chan said. Mining giant BHP Billiton Ltd, the biggest company on the exchange, lost 5 per cent while resources rival Rio Tinto Ltd gave up 6.5 per cent. The Australian dollar gave up ground against the US dollar, closing at 80 cents, after the release of April's trade figures. They showed a deficit of 91 million Australian dollars (73 million US dollars) as shipments of coal, iron ore and wheat declined.

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