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

The weekend can't come soon enough for these big four banks…

Woman disappointed at share price performance with her hands on her face.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • It's been a horror week for most ASX 200 shares
  • But ASX 200 bank shares have been hit especially hard
  • This Friday has seen three of the big four hit new 52-week lows

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%.

3 ASX 200 bank shares explore new 52-week lows

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.

Motley Fool contributor Sebastian Bowen has positions in National Australia Bank Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Bank Shares

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Bank Shares

Sell Bank of Queensland shares before they crash

Now is not the time to buy this bank's shares according to a leading broker.

Read more »

A man holds his hand under his chin as he concentrates on his laptop screen and reads about the ANZ share price
Bank Shares

Westpac stock: Should you buy the 5.5% yield?

Is Westpac an easy buy today for that 5.5% yield?

Read more »

Delighted adult man, working on a company slogan, on his laptop.
Earnings Results

Bank of Queensland share price leaps 6% on improving outlook

ASX 200 investors are bidding up the Bank of Queensland share price on Wednesday.

Read more »

A man in his 30s with a clipped beard sits at his laptop on a desk with one finger to the side of his face and his chin resting on his thumb as he looks concerned while staring at his computer screen.
Bank Shares

ASX expert: Time to sell NAB shares

The calls that NAB shares are overvalued are growing louder...

Read more »

A man in a suit smiles at the yellow piggy bank he holds in his hand.
Bank Shares

UBS reveals which ASX 200 bank shares are the most attractive before their results

Are any of the banks buys heading into their reporting season?

Read more »

A woman sits at a computer with a quizzical look on her face with eyerows raised while looking into a computer, as though she is resigned to some not pleasing news.
Bank Shares

Is the CBA share price still at a 'stretched valuation'?

Are there more gains to come for this ASX banking giant?

Read more »

A woman in hammock with headphones on enjoying life which symbolises passive income.
Dividend Investing

Invest $20,000 in ANZ shares and get $1,200 in passive income

Can investors rely on ANZ for a 6% yield in their cash?

Read more »

Bank building with the word bank in gold.
Bank Shares

What happened with the big 4 ASX 200 bank shares this week?

Here’s why the ASX 200 bank shares caught my attention this week.

Read more »