3 ASX 200 bank shares slide to 52-week lows on Friday


It’s been a horrible week for ASX shares and the S&P/ASX 200 Index (ASX: XJO). The ASX 200 has lost almost 2% this Friday, which means it has now shaved off a painful 6.7% over the week just gone. With an ASX 200 loss like that, it was never going to be a good week for ASX bank shares.

The ASX 200 big four banks make up almost a fifth of the entire weighting of the ASX 200. Thus, they often go where the index goes (or perhaps it should be the index goes where they go).

But it’s been an especially painful day for the big ASX banks today. We’ve seen the big falls of this week continue for all bank shares. But we’ve also seen several – three of the big four, in fact – hit new 52-week lows.

At the start of June, Westpac Banking Corp (ASX: WBC) shares were more than $24 each. But today, Westpac slid to a new 52-week low of $18.80 a share.

Westpac recovered somewhat to close at $19.19, down 0.72% for the day. But that still puts its losses for June thus far at a whopping 19%.

Westpac wasn’t alone in exploring new territory. Australia and New Zealand Banking Group Ltd (ASX: ANZ) shares also had a clanger today. This ASX 200 bank started June at over $25 a share. But today saw ANZ fall to a new 52-week low of $20.95 soon after open.

Like Westpac, ANZ did stage a later recovery and closed at $21.16. But we are still looking at a June loss of 15.5%.

Last, but certainly not least, we have Commonwealth Bank of Australia (ASX: CBA).

CBA shares have had a dramatic fall from grace in recent days. For most of 2022, CBA has traded around the $100 a share mark, sometimes over, sometimes under. But we are now well under $90 a share today after CBA’s 3.55% fall.

This banking kingpin hit a new 52-week low of $86.98 this morning and only slightly recovered to $87.26. It’s hard to believe this bank was being priced at $104.36 a share at the start of this month, meaning CBA has now copped a June loss of 16%.

Of course, National Australia Bank Ltd (ASX: NAB) is the odd one out here.

NAB also fell today. But its drop of 1.67% to $25.92 a share was not enough to drag it down to its current 52-week low of $25.08. But NAB only hit its most recent 52-week high of $33.75 in April, so perhaps it had more of a cushion.

The only conclusion that we can draw here is that it has been an absolutely horrible week to own ASX bank shares. No doubt investors will be hoping next week is far kinder.

Source: Read More

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