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2013.05.2401:53:50UTC+00Aussie stocks decline on Friday action

Australian stocks decline in early trade Friday, extending a selloff that kicked the benchmark to a one-month low Thursday after disappointing data from China, Australia's biggest export market. The S&P/ASX 200 turned down by 0.3% at 5,047.80, following its loss of 2% in the previous session after an in May manufacturing activity in China. Banking stocks lost grip of gains, with Westpac Banking Corp. missing 1.3%, and energy issues struggled, with Woodside Petroleum Ltd. tumble 0.2%. Mining stocks were mixed, with Rio Tinto Ltd. lesser by 0.2%, but Newcrest Mining Ltd. advanced 2.6% after gold futures rallied overnight. In other action, shares of Echo Entertainment Group Ltd. plunged 11% after Crown Ltd. sold a 10% stake in the casino operator. For the week, the S&P/ASX 200 was poised to lose about 2.5%.

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