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SYDNEY, July 17 (Reuters) - Australian shares lost momentum on Friday to end flat after a three-day rally, led by losses in banking and telecom stocks even as supermarkets and energy-related shares edged higher.
Investors shrugged off gains in global markets after Europe moved to reopen funding to Greece's stricken economy. ID:nL4N0ZX01D
The S&P/ASX 200 index .AXJO , which hit a three-week high on Thursday, opened stronger but then changed course before ending flat at 5,670.1.
Australian shares have gained nearly 5 percent so far this year, with most of that gain coming this week, when the index had its first weekly gain since mid-June. It fell each month from March through June, led by losses in resources and bank shares.
For the week, the index has gained 3.24 percent.
New Zealand's benchmark NZX 50 index .NZ50 rose 0.51 percent, or 29.6 points, to finish the session at 5,853.76.