Westpac, market down as caution rises over Syria

Growing geopolitical risk is causing many investors to take their profits and spread their risk.

Ryan Newman (TMFNewmy)

Ryan Newman (CFA) is the Director of Research of The Motley Fool Australia, and Portfolio Manager for the Pro and North Star services. Ryan’s interest in investing and stocks began at a young. His journey with The Motley Fool started first as a member but when the company first came to Australia he joined the team as one of our writers. Recognising his investing talent and passion, it wasn’t long before he was approached to join the investing team as a research analyst on Pro. Ryan is passionate about learning and continual development. He earned his Chartered Financial Analyst (CFA) designation in 2022, and has completed his Bachelor of Accounting and his Graduate Certificate of Corporate Finance. Ryan loves spending time with his young family as well as non-fiction reading, catching the latest movies and following his sports team, the St Kilda Saints (AFL).

Published August 28, 2013 2:12 pm AEST

The major financials and resources companies are acting as a drag on the benchmark S&P/ASX 200 (^AXJO) (ASX: XJO), with the index down 60 points or 1.2%.

Increasing geopolitical risk regarding the Syrian crisis is weighing on investors' confidence and has seen many take their profits and spread their level of risk. BHP Billiton (ASX: BHP) and Rio Tinto (ASX: RIO) have fallen 2.2% and 2.5%, respectively, whilst Fortescue Metals Group (ASX: FMG) has plunged 4.3%, reversing much of its gain from last week.

Meanwhile, Westpac (ASX: WBC) has fallen the most out of the big four banks and is down 1.8% whilst its primary competitors are each down between 1.2% and 1.7%.

Shannon Briggs from Morgan Stanley Wealth Management added that the level of profit taking could also be increased with the US going into the long weekend for Labor Day, whilst recent company earnings reports haven't really given investors fresh reasons to buy stocks either.

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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned in this article.

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