Investors call time on ASX’s record rally

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Investment strategists are starting to shift their exposure away from the Australian sharemarket as the S&P/ASX 200 continues to test record levels despite a weak outlook for corporate profits.

Equities were showing signs of vulnerability on Tuesday with the benchmark index sinking 1.4 per cent in a bout of profit-taking. The gauge is still just 155 points shy of its all-time high of 8384.5 points hit last week after rallying 20 per cent over the past year.

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