INVESTMENT FUNDS POUR INTO AUSTRALIAN BANKS

Australian financial stocks are ruling the roost on the traditionally miners-led local main index, fueled by growing interest from equity funds that are wary of the commodity-backed sector due to poor Chinese demand.

The financial sub-index, composed chiefly of the biggest lenders in the region, has risen more than 15% this year. In contrast, the local metals and mining index has declined more than 18% and conceded its top weighting on the ASX 200 index to banks at the end of the second quarter. Commonwealth Bank of Australia, the nation's biggest bank, also became its most valuable stock on July 12, surpassing global miner BHP Group.

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