The Australian stock market is at risk of finishing in the red for the fifth consecutive day as traders continue to sour on the big four banks.

Australian Stock Report head of Research Chris Conway said the market started the day in positive territory as bargain hunters looked to take advantage of recent falls.

But he said the market had retreated and could finish the week almost five per cent lower than where it started.

He said the selloff was continuing for the big four banks.

“It’s been a horror week for the Aussie market and despite some early relief this morning, it appears that we’re in for more of the same,” he said.

“The banks and miners are once again weighing and, at this point, there is a very real possibility the ASX 200 is going to record a 5 per cent loss for the week – something that we haven’t witnessed in a very long time.”

The Commonwealth bank was down 19 cents to $80.35, while ANZ lost 25 cents to $31.25, National Australia fell 40 cents to $31.92 and Westpac dropped 15 cents to $31.25.

Among the major miners, BHP Billiton slipped 15 cents to $27.93, while Rio Tinto gained 38 cents to $57.12 and Fortescue Metals was up 4.5 cents at $2.325.

KEY FACTS

* At 1300 on Friday, the benchmark S&P/ASX200 index was down 1.5 points, or 0.03 per cent, at 5,502.8.

* The broader All Ordinaries index was down 0.7 points, or 0.01 per cent, at 5,510.6.

* The June share price index futures contract was four points lower at 5,504, with 21,041 contracts traded.

* National turnover was 1.03 billion securities worth $2.4 billion.