Shares resume slide as rate-sensitive stocks tumble
Falls on the ASX followed a sharp drop on Wall Street amid worries about lofty tech valuations. -AAP Image
Australia's share market has notched its lowest weekly close since in more than three months, with interest rate-sensitive stocks under pressure from an increasingly grim rates outlook.
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The S&P/ASX200 fell 67.2 points on Friday, down 0.76 per cent, to 8,761.1, as the broader All Ordinaries lost 74.4 points, or 0.82 per cent, to 9,024.2.
An afternoon tumble in financials stocks eradicated an early lift for the bourse, with three of the big four banks in the red by the close, and investment giant Macquarie Group weighing heavily with a 5.9 per cent tumble after an earnings miss.
The top 200 has fallen almost three per cent in a fortnight and is sitting at six-week lows heading into the weekend.
The Australian dollar is buying 64.75 US cents, down from 65.07 US cents on Thursday at 5pm.
