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MARKET COMMENT : S&P/ASX 200 Up 1.4% As Buyers Resurface

02/21/2013 | 07:42pm US/Eastern

0026 GMT [Dow Jones] Australia's S&P/ASX 200 surges 1.4% to 5047.7, putting it on track for its biggest rise since July 27, after falling 2.3% yesterday, its biggest decline since May 18. "It was massively oversold yesterday," says a senior trader at a major broker. "There are still a lot of people looking to buy the dip," says another trader. Analysts say the market over-reacted to the Fed minutes. "I think people got the minutes very wrong," says Chris Weston, chief market strategist at IG. "There's obviously a healthy debate in the Fed, but anyone who sold on the minutes will be disappointed because voting Fed members remain dovish, and Fed Chairman Bernanke is likely to confirm that next week." Mr. Weston says Friday's "snap-back" rally confirms the strong demand for Australian equities. He sees tonight's German IFO business survey data and the extent of repayments on the ECB's long-term refinancing operation as the next catalysts, and adds that the Australian market isn't too concerned about Italian elections at the weekend. (david.rogers1@wsj.com)

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