MELBOURNE: Australian stocks recovered from early lows to end down 0.4 percent on Tuesday as the central bank's unexpected decision to hold official rates steady lifted shares out of their hole.
The Reserve Bank held its key cash rate steady at 4.5 percent in a surprise to many who had expected a hike, though it did say that higher rates would be needed at some point.
The benchmark S&P/ASX 200 index ended down 18.4 points to 4,606.9, according to latest data, after trading as low as 4,559.2. The index rose 1 percent on Monday in holiday-reduced volume.
New Zealand's benchmark NZX 50 index lost 0.3 percent to 3,218.3.
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