The Australian stock market closed weaker, with most sectors in the red after heavy sell-offs on overseas markets.

US and European markets fell on Friday night and hopes that monetary easing in China over the weekend would stimulate equities came to nothing.

IG market strategist Stan Shamu said it was difficult to see the local market rising currently, unless there was an interest rate cut in May to spur yield plays such as the banks or an improvement in the environment for miners.

“I think just think overall sentiment is not quite firing at the moment,” he told AAP.

In the resources sector, BHP Billiton was down 15 cents at $29.82 and Rio Tinto had lost 43 cents to $54.66 while Fortescue Metals had gained two cents to $1.90.

Gold miner Evolution Mining’s shares fell 1.5 cents to 91.5 cents, after snaring the West Australian gold assets of Egyptian billionaire Naguib Sawiris and bringing him in as a major shareholder.

Mining and metals group Arrium’s shares plunged after it said it was losing $8.90 a tonne of iron ore during the March quarter.

Its shares closed two cents, or 11.8 per cent down at 15 cents.

Among the banks, Commonwealth Bank was down 75 cents at $91.33, National Australia Bank lost 39 cents to $38.33, ANZ had rose four cents to $35.64 and Westpac was 11 cents lower at $38.79.

KEY FACTS

* At the close on Monday, the benchmark S&P/ASX200 index was down 44.8 points, or 0.76 per cent, at 5,833.1 points.

* The broader All Ordinaries index was down 44.4 points, or 0.76 per cent, at 5,807 points.

* The June share price index futures contract was down 38 points at 5,827 points, with 29,109 contracts traded.

* National turnover was 1.4 billion securities worth $3.6 billion.