Oct 7 (Reuters) – Australian shares inched lower on Tuesday, as index heavyweight financials fell further after a sharp rally last week, although commodity stocks helped the benchmark index cap its declines. The S&P/ASX 200 index fell 0.1% to 8,969.7 by 2335 GMT. The benchmark closed marginally lower on Monday. Financials slipped 0.5% in a second straight session of fall, with the "Big Four" lenders down between 0.4% and 0.9%. They had rallied 3% last week on the higher-for-longer interest rate outlook. The sub-index has risen 12.1% this year, raising concerns about valuations, which are among the highest compared to its peers in developed countries. Miners rose 0.6%, with Rio Tinto up 0.9% after the world's biggest iron ore producer said it would invest $733 million along with its Japanese joint venture partners to develop iron ore deposits in Australia's Pilbara region. Gold stocks, which have nearly doubled in value this year and are among the top performers on the benchmark, gained more than 0.6% on Tuesday to notch a record high, as bullion prices hit a fresh peak amid economic uncertainties. Australia said it expected gold to become its second-most valuable resource export after iron ore this financial year. Energy stocks advanced 0.2% on the back of rising oil prices. Among individual stocks, bourse operator ASX fell 1.7% to its lowest level in more than 15 months on competition concerns, after Australia's corporate regulator approved Cboe Global Markets' application to operate as a listing market in the country. In New Zealand, the benchmark S&P/NZX 50 index was flat at 13,491.50, ahead of the Reserve Bank of New Zealand's policy meeting on Wednesday, where the central bank is expected to cut rates by a quarter point. (Reporting by Nichiket Sunil in Bengaluru; Editing by Subhranshu Sahu)
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