The Australian share market has closed slightly lower, with bargain hunters moving in after two days of sharp falls.

At the close on Friday, the benchmark S&P/ASX200 index was 0.01 points, or 0.01 per cent, lower at 5,334.6, while the broader All Ordinaries index was down 11.1 points, or 0.2 per cent, at 5,635.4, according to preliminary figures.

On the ASX 24, the June share price index futures contract was 14 points down at 5,602, with 30,533 contracts traded.