Shares in Commonwealth Bank of Australia (ASX: CBA) have today given up much of the 1.6% that was gained in yesterday's rally, having fallen 64c or 0.8% at $81.65.
Although it is still trading near its record high of $82.685, it's been a rather disappointing week for shareholders. In fact, with yesterday as the exception, the shares have dropped in value every day since Tuesday last week.
Together with Australia and New Zealand Banking Group (ASX: ANZ), National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC) – which are down between 0.8% and 1.1% for the day – Commonwealth Bank's poor performance has acted as a heavy drag on the overall market. The S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) is down 46.4 points or 0.8% after rising nearly 1.6% yesterday.
While I believe Commonwealth Bank could certainly regain its momentum over the coming weeks or even months with interest rates set to remain low for some time yet, they are by no means an attractive long-term prospect given the excessive valuation they are currently trading on.
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